NEW YORK (GenomeWeb) – Quanterix today said that it has priced a public offering of 2,376,238 shares of its common stock at an offering price of $25.25 per share.
The Billerica, Massachusetts-based firm expects to bring in around $60 million in gross proceeds, before underwriting discounts and expenses. The company also has granted the underwriters a 30-day option to purchase up to an additional 356,435 shares of common stock at the same offering price.
JP Morgan Securities and SVB Leerink are acting as joint book-running managers for the offering, while Canaccord Genuity is acting as co-manager.
The expected proceeds are below the $75 million projected in a preliminary prospectus filed with the US Securities and Exchange Commission earlier this week.
Quanterix said in its preliminary filing that it expects to use proceeds from the offering to expand its life sciences commercial operations; improve and update its Simoa technology and instruments and to develop additional assays; potentially pursue regulatory approvals or clearances to develop instruments, assay kits, and consumables in areas outside of life science research; potentially pursue acquisitions or other business development opportunities; and support working capital and other general corporate purposes.
Earlier this week Quanterix, which makes systems and assays for multiplex protein research and diagnostics, reported a 57 percent increase in Q2 revenues. On a conference call with analysts and investors, Quanterix President, Chairman, and CEO Kevin Hrusovsky discussed the upcoming launch of the company's HD-X instrument, an updated version of its original HD-1 system, which it plans to launch in the fourth quarter of this year. Compared to the HD-1, the HD-X offers improved reliability and multiplexing.
In early Friday trade on the Nasdaq, shares of Quanterix were up more than 5 percent at $26.88.