NEW YORK (GenomeWeb) – Cancer diagnostics firm Signal Genetics lowered the amount it intends to raise from its proposed initial public offering to $9.3 million from a previous target of $25 million, it said in an amended preliminary prospectus filed with the US Securities and Exchange Commission on Thursday.
The company also lowered the amount of shares it plans to offer to 909,090 from about 2.3 million shares it said it would offer when it originally filed its Form S-1 in March.
Signal maintained an intended per-share offering price range of between $10 and $12. At the midpoint price of $11, the offering would bring in about $7.9 million in net proceeds. The company has granted the offering's underwriter, Aegis Capital, a 45-day option to purchase up to 136,363 additional shares to cover any overallotments. If Aegis exercises the option in full, net proceeds would increase to $9.3 million.
The company had said that net proceeds from its IPO could reach $25 million when it originally filed for its IPO. Signal intends to list its shares on the Nasdaq Capital Market under ticker symbol "SGNL."
Signal also said in its SEC form on Thursday that revenues in the first quarter were essentially flat year over year. For the three months ended March 31, the firm took in $1.1 million in revenues, the same as a year ago, while its net loss for the first quarter rose to $705,779 from $537,156 in Q1 2013.
Signal exited the quarter with $105,105 in cash and cash equivalents.
Headquartered in New York City, the firm develops microarray-based gene expression tests and currently offers the Myeloma Prognostic Risk Signature test for predicting the risk of early relapse, enabling physicians to stratify patients and treatment options and identify genomic alterations that may affect therapy choices.