NEW YORK (GenomeWeb News) – Sequenom today said that it has entered into an agreement to sell $51.6 million worth of its common stock to unnamed investors in a private placement.
The San Diego-based molecular diagnostics firm said that it will sell 12,435,000 shares of its common stock at a price of $4.15 per share to certain investors. It expects to close the financing on or around May 17.
Sequenom intends to use the funds to continue its R&D efforts and for commercialization of diagnostic tests, as well as for general corporate purposes.
Last week, Sequenom reported its first-quarter financial results and detailed its plans for developing and commercializing its non-invasive Down syndrome test.
It hopes to launch a laboratory-developed test on the market by the end of 2011. It also plans to complete the appropriate studies and documentation necessary to file for premarket approval of the T21 test by the end of 2012.
As of March 31, Sequenom held $29.2 million in cash, and short- and long-term marketable securities.
In early Wednesday trade on the Nasdaq, shares of Sequenom were down nearly 4 percent at $5.18.