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Sequenom Expects to Net $90.5M from Offering

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Sequenom said today that the underwriters of its public offering announced yesterday have exercised in full an option to purchase an additional 2.1 million shares of the firm's common stock at a price of $6 per share.

The San Diego-based molecular diagnostics developer said that it now expects gross proceeds of $96.6 million from the offering, or around $90.5 million in net proceeds. The funds will be used to support ongoing testing and development of its trisomy 21 non-invasive, pre-natal test, and possibly for acquisitions or investments in complementary businesses, Sequenom said in its prospectus for the offering.

The firm had announced yesterday the public offering of 14 million shares at $6 per share. With the overallotment option, the total number of shares offered was 16.1 million.

In early Friday trade on the Nasdaq, shares of Sequenom were down 2 percent at $6.62.

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