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Interpace Plans $4.3M Public Stock Offering

NEW YORK (GenomeWeb) – Interpace Diagnostics disclosed yesterday that it aims to raise roughly $4.3 million through the public offering of 630,000 shares of its common stock at a price of $6.81 per share.

Proceeds of the offering will be used for working capital, repayment of indebtedness, and general corporate purposes, the company said in a filing with the US Securities and Exchange Commission. Interpace said it will have approximately 2.8 million shares outstanding after the close of the offering.

During midday trading on the Nasdaq today, shares of Interpace were down 6.4 percent to $6.40.

Earlier this week, Interpace announced that it had signed a securities purchase deal with certain institutional investors that is expected to raise $3.7 million in net proceeds. Last month, the company entered into a stock purchase deal to raise $1.7 million, and effected a 1-for-10 reverse stock split in a bid to keep its shares listed on the Nasdaq.