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Signal Genetics Prices IPO at $10 per Share, Expects $8.5M in Gross Proceeds

NEW YORK (GenomeWeb) – Cancer diagnostics firm Signal Genetics has priced its initial public offering at $10 per share with gross proceeds expected at $8.5 million.

The company is offering 850,000 shares of its common shares in its IPO and has granted the underwriters a 45-day option to purchase up to 127,500 additional shares to cover any overallotments. Aegis Capital is the sole book-running manager on the offering.

Signal's shares began trading today on the Nasdaq Capital Market under ticker symbol "SGNL."

The New York City-based firm filed its Form S-1 with the US Securities and Exchange Commission in March saying that it planned offer almost 2.3 million shares of its stock in order to raise as much as $25 million from its IPO. It then lowered the anticipated proceeds to up to $9.3 million before raising it to up to $12.1 million last week.

Signal offers the Myeloma Prognostic Risk Signature test for asymptomatic monoclonal gammopathies. The microarray-based gene expression profile assay predicts the risk of early relapse and enables physicians to stratify their patients and treatment options and to identify genomic alterations that may affect the choice of therapies.