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Sequenom to Raise $54M in Public Offering

NEW YORK (GenomeWeb News) – Sequenom has launched a public offering of 13 million shares of common stock priced at $4.15 per share.

The San Diego-based firm expects to raise gross proceeds of $54 million from the offering.

In a document filed with the US Securities and Exchange Commission on Thursday, the company said net proceeds from the public offering will go toward general corporate purposes including R&D expenses, capital spending, working capital, and general administrative expenses. Proceeds may also be used for acquisitions and investments in complementary businesses, products, and technologies.

The company added that it and its wholly owned subsidiary, the Sequenom Center for Molecular Medicine, will need to expand its marketing and sales team to continue commercialization of its MaterniT21 LDT test and other diagnostic tests it is developing.

As of Dec. 31, 2011 Sequenom had cash, cash equivalents, and current marketable securities of about $84.2 million, it said.

The trisomy 21 test, which is for use in pregnant women at high risk for carrying a fetus with Down syndrome, was launched in October. At the 30th Annual JP Morgan Healthcare Conference last week, Sequenom Chairman and CEO Harry Hixson said that the company aims to bill 25,000 T21 tests this year. He also said the firm plans to double the sales staff of the CMM to 50 reps.

Jefferies is acting as the sole book-running manager on the offering.

The offering is expected to close on Jan. 25 and includes an over-allotment option of 1,950,000 shares.

In November Sequenom filed a shelf registration with the US Securities and Exchange Commission to sell as much as $150 million of its common stock, preferred stock, debt securities, and warrants in any combination.

Sequenom's shares were down 5 percent at $4.38 in early trade Friday on the Nasdaq.

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