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GenMark Diagnostics Boosts Public Offering to $75M

NEW YORK (GenomeWeb) – GenMark Diagnostics said today that it has increased the size of its previously announced public offering to 6,382,978 shares of its common stock price at $11.75 per share.

The gross proceeds to GenMark, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be about $75.0 million.

JP Morgan and Bank of America Merrill Lynch are joint book-running managers for the offering. William Blair, Cowen, and Raymond James are co-managers.

GenMark has granted the underwriters a 30-day option to purchase up to an additional 957,446 shares at the public offering price, less underwriting discounts and commissions.

GenMark intends to use the net proceeds from its offering for general corporate purposes and to fund its commercialization efforts.

The offering is expected to close on or about June 19, the firm said.

The firm had announced earlier this week that it commenced a $65 million public offering of its common stock.

It also announced that it had received 510(k) clearance from the US Food and Drug Administration for its ePlex instrument and Respiratory Pathogen Panel.