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NanoString Technologies Prices $103.5M Common Stock Offering

NEW YORK (GenomeWeb) – NanoString Technologies said today that it has priced its previously announced offering of 4.5 million shares of common stock at $23 per share. Total gross proceeds from the offering would be $103.5 million.

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. If the underwriters exercise their full over-allotment, that would raise the gross proceeds from the offering to approximately $119.0 million.

JP Morgan, UBS Investment Bank, and Cowen are acting as joint book-running managers for the offering. Baird is acting as lead manager. The offering is expected to close on or about March 22.

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 2 percent to $23.70 in Wednesday morning trading on the Nasdaq.