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Nanosphere Nets $32M in Stock Offering

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Nanosphere has closed a public offering of common stock raising net proceeds of approximately $32.1 million, the firm said today.

The Northbrook, Ill.-based molecular diagnostics developer sold 15,686,000 shares of common stock at a price of $2.20 per share. Included in that share total is 2,046,000 shares issued to cover an over-allotment option.

Nanosphere said that it would use the funds for general corporate purposes and working capital.

Nanosphere announced the public offering earlier this week, which led to its stock tumbling 26 percent. In Friday afternoon trade on the Nasdaq, its shares were up 3 percent at $2.39.

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