NEW YORK (GenomeWeb News) – BG Medicine today priced a public offering of common stock that is anticipated to bring in $8.9 million in net proceeds.
The Waltham, Mass.-based firm plans to offer 6,452,000 shares of its common stock at $1.55 per share. It also has granted the offering's underwriter a 30-day option to purchase up to an additional 967,800 shares to cover any overallotments.
Lazard Capital Markets is the sole book-running manager for the offering.
Net proceeds will be used for BG Medicine's operations, including further commercialization of its cardiovascular diagnostic tests in the US and in Europe, and developing new clinical claims and indications to expand its product pipeline. Proceeds will also go toward general corporate purposes, including capital expenditures, licensing of intellectual property, debt repayment, and working capital, it said.
BG Medicine raised $12.8 million in a public offering in early 2013. As of the end of 2013, the company had $7.8 million in cash and cash equivalents.
In Thursday morning trade on the Nasdaq, BG Medicine's shares dropped 19 percent to $1.56.