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GenMark to Sell 10 Million Shares in Public Offering

NEW YORK (GenomeWeb News) – GenMark Diagnostics said after the close of the market on Tuesday that it intends to sell 10 million shares of its common stock in a public offering.

The Carlsbad, Calif.-based molecular diagnostics company did not price the offering or say how much in proceeds it anticipates raising. It said, though, that net proceeds will be used for R&D efforts to expand its menu and develop its NexGen System testing platform, as well as to expand its US and global commercial operations.

JP Morgan Securities will act as sole book-running manager on the proposed offering. GenMark intends to grant underwriters a 30-day option to purchase up to 1.5 million shares to cover over-allotments, if any.

The proposed offering is being made pursuant to a shelf registration that GenMark filed in December with the US Securities and Exchange Commission to offer up to $75 million from time to time.

Last week, GenMark raised its full-year 2012 revenue guidance to $15 million after saying previously that revenues would exceed $10 million. It also said second-quarter revenue is expected to fall between $3.2 million and $3.6 million.

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