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PacBio Raises $20.6M through Common Stock Sale in H1 2014

NEW YORK (GenomeWeb) – Pacific Biosciences raised $20.6 million in net proceeds through the sale of 3 million shares of its common stock during the first half of 2014, the company disclosed in its Form 10-Q filed with the US Securities and Exchange Commission on Monday.

PacBio said it sold the stock at an average price of $7.12 per share in an at-the-market offering, a type of offering in which shares are offered at the prevailing market prices. The firm added that its current at-the-market offering program has about $17.9 million of common shares available for future sales.

PacBio recently reported that its second quarter revenues jumped 89 percent year over year to $11.4 million. As of June 30, it had $105 million in cash and investments.