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stock offering

The company will offer 10 million shares of common stock at $1.00 per share and 50,000 shares of Series B Convertible Preferred Stock at $100.00 per share.

Seventeen of the 25 companies in the 360Dx Index saw their shares decline last month. Invitae paced the decliners, while GenMark led the gainers.

The company recently disclosed that the commercial launch of its liquid biopsy lung cancer diagnostic had been delayed.

The firm increased the number of shares it was offering after its stock price fell sharply this week.

JP Morgan Securities and Cowen and Company are the joint book-running managers for the offering, while William Blair is the lead manager.

The firm priced its offering at $2.40 per share and expects to raise $8.4 million in gross proceeds. It plans to use the funds for product development, clinical studies, and product development.

The firm said it will use the net proceeds for R&D, including the continued development of its Acuitas AMR gene panels.

The firm plans to use the $13.3 million in net proceeds to fund ongoing operations, expansions of its liquid biopsy business, and to service its indebtedness.

The company plans to use proceeds to support its ongoing operations, expansion of its business, and to service existing debts.

The company said it anticipates using net proceeds for working capital and general corporate purposes.