The Gaithersburg, Maryland-based firm intends to use the proceeds for general corporate purposes, including working capital and product development.
The purchase of Alere's Series B convertible perpetual preferred stock at $402 per share is in connection to Abbott's $5.3 billion acquisition of Alere.
The firm said it will offer 25 million units consisting of common stock and common warrants at $.40 per unit.
The company previously said that it planned to publicly offer up to $10 million in stocks and warrants. It has not priced the offering yet.
The firm established an "at-the-market" program to offer up to $21.2 million of its common stock from time to time. Proceeds will be used for business operations.
Great Basin plans to use the proceeds for R&D, sales and marketing expenses, the redemption of certain notes, and general corporate purposes.
The company raised net proceeds of $12.2 million, which it will use for various purposes, including working capital and payment of legacy obligations.
The firm said it will use the proceeds for working capital, trade payables, payment of legacy obligations, and general corporate purposes.
After announcing a $65 million public offering on Monday to fund commercialization efforts, the firm has increased the expected proceeds to $75 million.
The firm said that it intends to use the net proceeds from the offering for general corporate purposes and to fund its commercialization efforts.