GenMark Diagnostics, Inc. (NASDAQ: GNMK), a leading provider of automated, multiplex molecular diagnostic testing systems, today announced the upsizing and pricing of its previously announced underwritten public offering. The size of the offering has been increased and the Company sold 7,622,000 shares of its common stock at a public offering price of $9.84 per share. All of the shares in the offering are being sold by GenMark. The offering is expected to close on August 19, 2013, subject to customary closing conditions.
J.P. Morgan Securities LLC is acting as sole book-running manager for the offering. William Blair & Company, L.L.C., Canaccord Genuity Inc., and Cowen and Company, LLC are acting as co-managers. GenMark has granted the underwriters a 30-day option to purchase up to an additional 1,143,000 shares.
GenMark intends to use the net proceeds from this offering for general corporate purposes, including, but not limited to, the acceleration of its assay and NexGen platform development, the expansion of its domestic commercial team, the acceleration of its international expansion, increases in administrative infrastructure to support its international and domestic expansion, automation of its manufacturing infrastructure and other working capital requirements.
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.