NEW YORK (GenomeWeb News) – Vermillion today announced a $16.4 million offering of common stock.

The Austin, Texas-based diagnostics firm is offering 8,350,000 shares of common stock at $1.96 per share. The company has also granted the underwriters a 30-day option to purchase up to an additional 1,252,500 shares to cover over-allotments. Net proceeds after deducting expenses are expected to be roughly $15.2 million.

The offering is expected to close on or about July 17.

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