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Fulgent Genetics to Offer $75M of Securities

NEW YORK -- Fulgent Genetics plans to offer up to $75 million of its securities, it said in a document filed with the US Securities and Exchange Commission on Monday. 

The Temple City, California-based firm has not priced its offering yet but said that it plans to offer from time to time units of its common stock, preferred stock, one or more debt securities, warrants, or rights to such securities in one or more series. 

Fulgent offers testing to clinical and research customers for hereditary genetic conditions. 

The SEC document did not name the underwriters for the offering. 

Fulgent said it intends to use the money for general corporate purposes, including working capital and other general and administrative purposes. Proceeds may also be used for acquisitions, though the firm said it has no such plans for any acquisitions currently.

Last week, Fulgent announced its Q2 revenues rose 56 percent year over year. At the end of June, Fulgent had cash and cash equivalents totaling $9.2 million and $29.5 million worth of marketable securities.

In late morning trading on the Nasdaq today, Fulgent's shares were down about 3 percent to $11.40.