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Nanosphere Closes $18.4M Stock Offering

NEW YORK (GenomeWeb) – Nanosphere said after the close of the market Monday that it has closed its public offering of 40 million shares of its common stock at $.50 per share.

The firm expects the offering to bring in net proceeds of approximately $18.4 million, which it will use for general corporate purposes and working capital.

Nanosphere noted that provided 400,000 shares of its common stock to the underwriters as part of the underwriters' fee. Chardan Capital Markets served as the sole book-running manager on the offering.

The offering was made pursuant to a recent $100 million shelf offering. It priced the offering last week, while also announcing that its shares would move to the Nasdaq Capital Market — which comprises companies with lower levels of market capitalization — from the Nasdaq Global Market, which comprises midcap-sized companies and has stricter listing requirements.

Last month, the company received a letter from Nasdaq that the closing bid price on its shares had fallen below a minimum $1 per share price for the previous 30 days, putting the company at risk of getting delisted.