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NanoString Technologies Plans Common Stock Offering

NEW YORK (GenomeWeb) – NanoString Technologies announced after the close of the market on Monday that it is planning a public offering of 4.5 million shares of its common stock.

The company itself will offer and sell 2.5 million shares, while one of its stockholders, Clarus Lifesciences, will offer and sell the other 2 million shares. NanoString also said it will grant the underwriters a 30-day option to purchase up to 675,000 additional shares. 

JP Morgan, UBS Investment Bank, and Cowen are acting as joint book-running managers for the offering. Baird is acting as lead manager.

NanoString said it intends to use the net proceeds of the offering for working capital and general corporate purposes. It noted that it will not receive any proceeds from the sale of stock by Clarus Lifesciences. 

The company reported earlier this month that its total revenues for the fourth quarter of 2018 were down about 15 percent year over year, while its product and services revenue grew 12 percent. NanoString ended 2018 with $24.4 million in cash and cash equivalents, and $69.6 million in short-term investments.

NanoString's shares fell more than 8 percent to $25.03 in Tuesday morning trading on the Nasdaq.