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Sequenom Stockholders to Sell 12.4M Shares

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Sequenom today filed a prospectus with the US Securities and Exchange Commission for the sale of 12,435,000 shares by selling stockholders.

The shares were issued to the investors in a private placement on May 17, 2010, at a price of $4.15 per share. The private placement, with previously unnamed investors, brought in proceeds of around $51.6 million, before deduction of placement agent fees and other transaction expenses. Sequenom had said that it intends to use the funds to continue its R&D efforts and for commercialization of diagnostic tests, as well as for general corporate purposes.

Sequenom will not receive any of the proceeds of the sale of these shares by the selling stockholders, who may offer their shares for sale from time to time following today's registration.

The prospectus lists the investors who participated in the private placement and may sell some or all of their shares. Among those investors are Caduceus Capital, Deerfield Special Situations Fund, Palo Alto Healthcare Master Fund, Redmile Capital Fund, Tang Capital Partners, and Visium Balanced Master Fund, among others. Of those investors, Tang Capital holds the most number of shares with 3,253,100.

As of May 17, Sequenom had 74,610,707 shares of common stock outstanding.

In Wednesday afternoon trade on the Nasdaq, shares of Sequenom were down 3 percent at $6.09.

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