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The net proceeds will support continued product development, research, product commercialization, working capital, and other general corporate purposes.
The firm said it would use the funds for general corporate purposes, including potential future acquisitions, capital expenditures, and investments or loans.
GenMark said it intends to use the proceeds for general corporate purposes that may include an expansion of its menu and increasing its manufacturing capacity.
The test will be included in the World Health Organizations list of prequalified in vitro diagnostics and UN agencies will be able to procure it.
The company said it intends to use the proceeds for general corporate purposes and to repay borrowings under its term loan facility.
The firm will offer 4.7 million shares of its stock at $2.27 per share. Proceeds will go toward the development and commercialization of its tests.
The funds will be used to launch new products in the US, as well as for R&D activities including the development of polygenic risk tests with partner TGen.
The company is also participating in a study, being conducted at Hannover Medical School, investigating the genetics of susceptibility to COVID-19.
The company withdrew its 2020 revenue guidance and said it expects to report revenues of more than $63 million in the quarter ended March 31.
The company announced an agreement with Piper Sandler & Co. to act as agent, creating an at-the-market equity program for up to $25 million in shares of its common stock.