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Nanosphere Seeks to Raise $30.6M in Public Stock Offering

NEW YORK (GenomeWeb News) – Nanosphere on Friday said that it had filed to offer 4.7 million shares of its common stock in a public offering.

The Northbrook, Ill.-based molecular diagnostics firm priced the offering at $7 per share and expects net proceeds of $30.6 million from the offering — or $35.3 million if the over-allotment option of 705,000 shares is exercised. Nanosphere's shares closed Thursday unchanged at $7.65 on the Nasdaq.

Nanosphere did not specify its intended use of proceeds, other than saying such funds would be applied to general corporate purposes and working capital.

The firm sells the Verigene System, a molecular diagnostics platform that received US Food and Drug Administration clearance in 2007. The company also holds FDA clearance for a variety of assays for hypercoagulation, warfarin metabolism, and cystic fibrosis, as well as a respiratory virus panel.

Nanosphere also has filed for FDA clearance of a hemochromatosis assay and expects to file for clearance of a protein test for cardiac troponin I by the end of this year.

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