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Interpace Diagnostics Prices $13.7M Public Offering

NEW YORK (GenomeWeb) – Interpace Diagnostics announced today that it has priced a public offering that aims to raise $13.7 million in gross proceeds.

The firm is offering 12.5 million shares of common stock and warrants to purchase up to 12.5 million additional shares. Each share of common stock and each pre-funded warrant is being sold together with a common warrant to purchase one share of common stock at a combined effective price of $1.10. For each pre-funded warrant Interpace sells, the number of shares of common stock the company is offering will be decreased on a one-for-one basis. The common warrants will be immediately exercisable at a price of $1.25 per share of common stock and will expire five years from the date of issuance.

Interpace also has granted to the underwriter a 45-day option to purchase up to an additional 1,875,000 shares of common stock and/or common warrants to purchase up to 1,875,000 shares of common stock at the public offering price.

Maxim Group is acting as the sole book-running manager for the offering. WestPark Capital is acting as co-manager. The offering is expected to close on or about June 21.

Interpace expects the net proceeds from this offering to be approximately $12.7 million, after deducting underwriting discounts and commissions. The firm anticipates using the net proceeds for working capital, trade payables, payment of legacy contract sales organization obligations, and general corporate purposes.

The company filed earlier this month to sell 6.3 million shares of its common stock before amending the offering to its current conditions.

The firm's shares fell nearly 37 percent to $.95 in morning trading on the Nasdaq.