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Bionano Genomics Commences Public Stock Offering

NEW YORK – Bionano Genomics said after the close of the market on Wednesday that it has commenced a public offering of 13.8 million shares of its common stock and warrants to purchase another 13.8 million shares of common stock.

According to a preliminary prospectus filed with the US Securities and Exchange Commission, each share is being sold together with a warrant to purchase one share. Shares and warrants can only be purchased together but will be issued separately and will be separable immediately. Warrants will be exercisable immediately and will expire five years from the date of issuance.

The firm did not list an offering price per share or exercise price for the warrants, but estimated that the net proceeds would be "approximately $13.6 million based on an assumed offering price of $1.09 per share and accompanying warrant," which was the last reported sales price of its common stock on Sept. 17.

Bionano Genomics markets the Saphyr optical genome mapping system for large-scale structural variant analysis. The San Diego-based firm went public in August 2018.

Last month, the firm reported second quarter revenues of $2.2 million, a 36 percent decrease year-over-year that it attributed to a reduction in both instrument and consumables sales. Its net loss for the quarter was $7.7 million more than double the loss in the prior-year period. As of June 30, the firm had $15.3 million in cash and cash equivalents.

In morning trading on the Nasdaq, shares of Bionano were down 9 percent at $.96.