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Nanosphere Commences Public Offering

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Nanosphere announced after the close of the market on Monday that it intends to offer 13.6 million shares of its common stock in a public offering.

The shares will be priced at $2.20 per share and Nanosphere expects proceeds from the offering to be about $27.9 million. If the underwriters exercise their over-allotment option in full, net proceeds will be about $32.1 million, it added.

Nanosphere said it intends to use net proceeds from the offering for general corporate purposes and working capital. It had previously raised $35.3 million in a public offering announced in October 2009.

Piper Jaffray is acting as the sole book-running agent manager on the current offering and Roth Capital Partners will act as co-manager.

The offering is expected to close on May 13 and is being made pursuant to a prospectus filed by the firm in September 2009.

In early morning trading on Tuesday on Nasdaq, shares of Nanosphere were down 26 percent to $2.16.

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