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Nanosphere Stock Offering Nets $27.7M

NEW YORK (GenomeWeb News) – Nanosphere has closed a public offering of common stock that has raised net proceeds of around $27.7 million.

The Northbrook, Ill.-based molecular diagnostics firm launched the offering last week. It sold 17,250,000 common shares at $1.75 per share, including 2,250,000 shares that made up the over-allotment option, which was exercised by the underwriters in full.

Nanosphere said that it will use the proceeds for general corporate purposes and working capital.

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 Wednesday afternoon trade on the Nasdaq, shares of Nanosphere were down 2 percent at $1.87.