NEW YORK (GenomeWeb News) – Vermillion today updated a planned offering of its common stock to raise as much as $33.9 million.
In an amended S-1 filing with the US Securities and Exchange Commission, the Austin, Texas-based diagnostics company said that it plans to offer up to 4 million shares of its stock at a maximum price of $7.36 per share.
Roth Capital Partners, the underwriter on the planned offering, also has the option to purchase 600,000 shares to cover overallotments, if any.
Today's filing increases the total Vermillion hopes to raise in the offering by doubling the number of shares it plans to offer while lowering the share price. Two weeks ago, Vermillion originally filed its prospectus with a planned offering of 2,098,539 shares at a maximum price of $8.22 per share, to raise up to $17.3 million.
The company did not say how much in net proceeds are expected from the offering, but said that the funds will be used to expand into international markets, support clinical trials for its peripheral artery disease test, "pursue opportunities to diversity our product and service lines and offerings," and general corporate purposes.