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Nanosphere Targets $23.4M in Public Offering

NEW YORK (GenomeWeb News) – Nanosphere today said that it plans to offer 10.5 million shares of its common stock at $2.40 per share in a public offering.

The offering is expected to bring in net proceeds of about $23.4 million. It has granted its underwriters a 30-day option to purchase up to 1.575 million additional shares of common stock to cover any overallotments. If the option is exercised, net proceeds are expected to be about $26.9 million.

The offering is expected to close on July 24.

The Northbrook, Ill.-based molecular diagnostics firm said it intends to use net proceeds from the offering for general corporate purposes and working capital.

The offering is being made is being made pursuant to a shelf registration Nanosphere made on Sept. 15, 2009 to offer from time to time up to $100 million in any combination of common stock, warrants, preferred stock, stock purchase contracts and stock purchase units. Nanosphere today also filed a document with the US Securities and Exchange Commission to register and additional $5.5 million to the shelf registration.

Piper Jaffray is the sole book-running manager for the offering and Roth Capital Partners in the co-manager.

Shares of Quest were down 4 percent at $60.42 in Thursday morning trading on the Nasdaq.

On Monday, Nanospere reported preliminary second-quarter revenues of $1.3 million. It had cash and equivalents of $23.7 million as of June 30, 2012.

Nanosphere recently received de novo clearance from the US Food and Drug Administration to market its Gram-Positive Blood Culture Nucleic Acid Test (BC-GP) on its Verigene System.

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