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GenMark Prices US IPO at $6 per Share

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – GenMark Diagnostics, formerly known as Osmetech, today said that its US initial public offering has been priced at $6 per share, down from an earlier range of $8 to $10.

The company, which concurrent with the IPO changed its name to GenMark Diagnostics, is offering 4.6 million shares, and said that it expects trading to begin today on the Nasdaq Global Market under the symbol "GNMK."

The company had said two weeks ago that it expected to fetch a share price of between $8 and $10 per share.

Piper Jaffray is the lead underwriter on the IPO.

Trading of Osmetech shares on the AIM in London was suspended this morning in advance of the US IPO.

The IPO and name change were part of plans Osmetech revealed in a prospectus with the US Securities and Exchange Commission in March to reorganize the firm. That plan also included moving the firm's headquarters from the UK to Pasadena, Calif.