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Quotient to Raise $60M in Public Stock Offering

NEW YORK ─ Eysins, Switzerland-based Quotient on Wednesday announced an underwritten public offering of $60 million of its ordinary shares.

The firm is granting the underwriters a 30-day option to purchase up to an additional 15 percent of the ordinary shares sold in the offering. Goldman Sachs and Cowen are joint book-running managers for the offering, and BTIG is the lead manager.

Quotient intends to use the proceeds primarily to fund the ongoing development and commercialization of its MosaiQ diagnostic platform and for working capital, operating expenses, and other general corporate purposes. The MosaiQ multiplex microarray platform is fully automated and allows for multiple tests across different modalities.

On Monday, Quotient said it had inked a binding letter of intent with Raritan, New Jersey-based Ortho Clinical Diagnostics to terminate a former distribution agreement and related contracts and resolve all of their disputes over the former agreement.

Quotient's stock was down more than 6 percent to $4.76 in Thursday morning trading on the Nasdaq.