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GenMark Files for Public Offering

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – GenMark Diagnostics today filed a document with the US Securities and Exchange Commission for an offering of its common stock to raise in aggregate a maximum of about $28.8 million.

The Carlsbad, Calif.-based molecular diagnostics company, which went public in the US a year ago, did not price its shares or say how many shares it would be offering. It said in its form S-1 filed with the SEC, though, that net proceeds will be used to develop a broad menu of tests, to fund planned sales and marketing initiatives, and to continue developing its NexGen system, GenMark's next-generation platform to integrate automated nucleic acid extraction and amplification with its eSensor detection technology.

The company may also use funds from the offering for M&A purposes, though it said that it has no commitments for any future acquisitions or licenses. Proceeds may also go toward working capital and general corporate purposes.

Canaccord Genuity is serving as the book-running manager on the offering, and William Blair &Co., is the co-lead manager.

Earlier this month, GenMark reported first-quarter revenues nearly doubled from a year ago, and in April it announced the appointment of Hany Massarany as its new president and CEO.

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