GenMark Diagnostics, Inc. (NASDAQ: GNMK), today announced the pricing of an underwritten public offering of 10,000,000 shares of its common stock at a public offering price of $4.20 per share. All of the shares in the offering are being sold by GenMark. The offering is expected to close on June 26, 2012, subject to customary closing conditions.
J.P. Morgan Securities LLC is acting as sole book-running manager for the offering. William Blair & Company, LLC and Canaccord Genuity Inc. are acting as co-managers. GenMark has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares to cover over-allotments, if any.
The Company intends to use the net proceeds from the public offering for research and development as it relates to acceleration of menu expansion and development of its NexGen System, as well as expansion of its U.S. and global commercial organizations.
A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the "SEC") and is effective. A preliminary prospectus supplement relating to the offering has been filed with the SEC. Copies of the final prospectus supplement, when available, and accompanying prospectus may be obtained from the offices of J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Telephone number 866-803-9204).This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. ABOUT GENMARK GenMark Diagnostics is a leading provider of automated, multiplex molecular diagnostic testing systems that detect and measure DNA and RNA targets to diagnose disease and optimize patient treatment. Utilizing GenMark’s proprietary eSensor® detection technology, GenMark’s eSensor® XT-8 system is designed to support a broad range of molecular diagnostic tests with a compact, easy-to-use workstation and self-contained, disposable test cartridges. GenMark currently markets three tests that are FDA cleared for IVD use: Cystic Fibrosis Genotyping Test, Warfarin Sensitivity Test, and Thrombophilia Risk Test. A Respiratory Viral Panel (RVP) has been submitted to the FDA for 510(k) clearance. A number of other tests, including HCV Genotyping and 2C19, versions of which are available for research use only, are in development for IVD use. For more information, visit www.genmarkdx.com. FORWARD-LOOKING STATEMENTS