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Nanosphere Prices Public Offering of 15M Shares

NEW YORK (GenomeWeb News) – Nanosphere said Friday that it will offer 15 million shares of its common stock in a public offering priced at $1.75 per share.

The Northbrook, Ill.-based molecular diagnostics company said that it expects to bring in net proceeds of around $24.1 million, or $27.7 million if the underwriters exercise their overallotment option of 2,250,000 shares in full. Funds from the offering will be used for general corporate purposes and working capital, Nanosphere said.

The offering is being made pursuant to a prospectus supplement filed in November 2012 as part of a $100 million shelf registration.

Piper Jaffray is the sole book-running manager on the offering, which is expected to close on Sept. 18. Canaccord Genuity and Cowen and Co. are co-managers.

The company ended the second quarter with $32 million in cash and cash equivalents. In May it raised $4.7 million in net proceeds from a direct offering of its stock.

In Friday morning trade on the Nasdaq, shares of Nanosphere were down 8 percent at $1.85, after closing down 5 percent the previous day.

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