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NeoGenomics Announces $125M Public Stock Offering

NEW YORK (GenomeWeb) – NeoGenomics has commenced an underwritten public offering of approximately $125 million of newly issued shares of common stock.

The company intends to grant underwriters a 30-day option to purchase up to an aggregate of an additional 15 percent of the shares offered in the public offering.

NeoGenomics plans to use net proceeds from the offering to fund business growth, including the acquisition of or investment in businesses that will enhance the value of the company. There are no current commitments or agreements with respect to any such transactions, according to the company. NeoGenomics disclosed that it may also use net proceeds for working capital and for general corporate purposes including the repayment of existing indebtedness.

The securities are being offered by NeoGenomics pursuant to its shelf registration statement filed with the Securities and Exchange Commission on June 17, 2016.

William Blair and Leerink Partners are acting as joint book-running managers for the offering. Craig-Hallum Capital Group, Stephens, First Analysis Securities and Janney Montgomery Scott are acting as co-managers for the offering.

NeoGenomics' stock was trading at $14.24 in Tuesday morning trading, down more than 4 percent from yesterday's close.