NEW YORK (GenomeWeb News) – Pacific Biosciences said after the close of the market on Friday that it has signed an agreement with Cantor Fitzgerald to offer and sell up to $30 million in shares of its common stock.
In a document filed with the US Securities and Exchange Commission, PacBio said that its shares will be sold through Cantor. The Menlo Park, Calif.-based next-generation sequencing instrument maker added that it intends to use proceeds from the offering for general corporate purposes, including capital expenditures and working capital, as well as for acquisitions of other businesses and IP.
PacBio is not required to sell any shares under the agreement and will pay Cantor a commission of 3 percent of the gross sales price per share sold. It is paying Cantor's legal fees and a disbursement up to $50,000 in the aggregate in connection with the agreement.
In its second-quarter earnings release in July, PacBio said it had $137.1 million in cash and investments.