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Fluidigm Underwriters Exercise Over-allotment Option

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Fluidigm today said that the underwriters for its initial public offering have exercised their over-allotment option, purchasing an additional 833,750 shares of the firm's common stock for $13.50 per share.

Fluidigm went public last week, selling 5,558,333 shares of common stock at a price of $13.50 per share.

Following the exercise of the over-allotment option, Fluidigm said that its net proceeds from the offering were $78 million.

The South San Francisco, Calif.-based firm said that it estimates $15 million in proceeds from the offering will be used for sales and marketing activities, including adding sales personnel to support commercialization of its products; $12 million will be used for R&D; $4 million will be used for facility improvements and the purchase of manufacturing and other equipment; and $5 million will be used to for repay principal plus accrued interest on promissory notes issued by Fluidigm last month. The balance of the funds will be used for working capital and other general corporate purposes.

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