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.
Vermillion said it plans to use the proceeds to fund domestic and international commercialization efforts, enhancements to its bioinformatics platform, and an expansion of its portfolio.
Canaccord Genuity is acting as sole book-running manager, and Roth Capital Partners is acting as lead manager for the offering.
Vermillion stock was down 3 percent to $1.98 in morning trading on Nasdaq.