NEW YORK (GenomeWeb News) – Nanosphere announced after the close of the market on Tuesday an agreement to sell up to $30 million of shares of its common stock to investment fund Aspire Capital.
Aspire is an existing investor in Nanosphere and invested in the firm's public offering in September that raised $27.7 million. In a document filed with the US Securities and Exchange Commission on Tuesday, Nanosphere said that the agreement with Aspire has a term of 24 months.
Net proceeds from the sale will be used for general corporate purposes and working capital.
"Our core US microbiology business is continuing to grow and we expect our expanding infectious disease test menu to build upon this momentum," Nanosphere President and CEO Michael McGarrity said in a statement. "This facility provides us with another component in our financing plan that ensures Nanosphere has the capital necessary to take advantage of our growing market opportunities."
Last month, the Northbrook, Ill.-based firm said that revenues for its fourth quarter 2013 almost doubled year over year, but its net loss widened.
In Wednesday morning trading on the Nasdaq, shares of Nanosphere were down 2 percent at $2.24.