NEW YORK (360Dx) – Oxford Immunotec today said that it plans to sell 2.5 million shares of its ordinary shares to investment bank BTIG to raise $40.1 million in gross proceeds.
The diagnostic firm announced its plans to sell the shares after the close of the market on Monday and priced the sale today. It did not disclose the price of the shares. Oxford said it has granted BTIG the option to purchase up to an additional 375,000 shares. Net proceeds from the offering will be used for working capital and general corporate purposes.
Oxford said earlier this month that its second quarter revenues rose 36 percent year over year while it posted a net loss of $16.8 million, or $.74 per share. As of June 30, the firm had $36.7 million in cash and cash equivalents.
Shares of Oxford were down 7 percent in early morning trading Tuesday on the Nasdaq to $16.11.