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Sequenom Launches Public Offering to Raise $54M

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Sequenom has launched a public offering of 13 million shares, from which it expects to raise $54 million.

The company plans to use the proceeds for "general corporate purposes, including research and development expenses, capital expenditures, working capital, and general administrative expenses."

In documents filed with the US Securities and Exchange Commission, Sequenom said that it has sufficient capital to operate through early 2013, but that it would need to raise additional funds to support the commercialization of its MaterniT21 test, which it launched in October (CSN 10/19/2011).

Specifically, it said that it would need to increase its direct sales force, enter into collaborative relationships with third parties to expand sales and marketing channels, educate clinicians and other healthcare professionals about MaterniT21, expand its clinical diagnostic laboratory and hospital outreach laboratory customers, and establish and expand its reimbursement arrangements.

As of Dec. 31, 2011, the company had $84.2 million in cash, cash equivalents, and marketable securities.

The public can purchase stock at $4.15 per share, and underwriters can purchase stock at $3.92 per share. Additionally, underwriters have a 30-day option to purchase an aggregate of 1,950,000 shares of common stock to cover over-allotments.

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