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GenMark to Net $39.3M from Public Offering

NEW YORK (GenomeWeb News) – GenMark Diagnostics late on Wednesday priced its public offering of 10 million shares at $4.20 per share.

The offering, which was announced on Tuesday, is expected to close on June 26. The firm expects to raise net proceeds of $39.3 million.

Those funds will go toward R&D work to expand the Carlsbad, Calif.-based molecular diagnostic firm's test menu and to further develop its NexGen System, a sample-to-answer platform. It will also be used to expand the company's US and global commercialization operations.

JP Morgan is the sole book-running manager on the offering. William Blair & Co. and Canaccord Genuity are co-managers. The underwriters have a 30-day option to purchase up to an additional 1.5 million shares to cover any over-allotments.