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Quotient Prices $78.4M Public Offering of Shares

NEW YORK — Quotient Limited said on Thursday that it has priced its previously announced public offering of 12 million shares at $7 apiece, for expected net proceeds of $78.4 million.

Jersey, Channel Islands-based Quotient also said it has granted the underwriters of the offering a 30-day option to purchase an additional 1.8 million shares, which would add another $12.6 million to the value of the offering.

Jefferies and Cowen are the joint book-running managers for the offering, with BTIG acting as lead manager. The offering is expected to close on Nov. 12.

Quotient said it intends to use the funds primarily for the continued development and commercialization of its MosaiQ high-throughput automated testing platform and related microarrays, as well as for working capital, operating expenses, and other general corporate purposes.

Earlier this month, Quotient reported ending the third quarter with $5.8 million in cash and cash equivalents and $67.0 million in short-term investments.