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Sequenom Completes $62M Public Offering

NEW YORK (GenomeWeb News) – Sequenom announced after the close of the market on Wednesday that it has completed its public offering of 14.95 million shares of its common stock at $4.15 per share, raising about $62 million in gross proceeds.

The number of shares includes 1.95 million shares sold pursuant to the full exercise of an over-allotment option granted to its underwriters. Jefferies acted as sole book-running manager for the offering. Oppenheimer and William Blair were co-managers.

Sequenom did not say how much in net proceeds the offering raised but said they would go toward general corporate purposes including research and development expenses, capital expenditures, working capital, and general administrative expenses.

Sequenom launched the offering last week. At the time, it said that it expected gross proceeds of $54 million and that those funds would also be used for acquisitions and investments in complementary businesses, products, and technologies.

Sequenom also noted that its wholly owned subsidiary, the Sequenom Center for Molecular Medicine, needed to expand its marketing and sales team to continue commercialization of the company's MaterniT21 LDT test, as well as other diagnostic tests under development.

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