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Fulgent Genetics to Offer $22.5M in Stock

NEW YORK – Fulgent Genetics intends to sell $22.5 million in shares of its common stock, the firm said in a regulatory document on Friday.

Separately, the company said it entered an agreement with investment bank Piper Jaffray to sell $30 million of its shares from time to time. The $22.5 million offering disclosed in a prospectus filed last week with the US Securities and Exchange Commission is part of that deal. It said that proceeds will go toward working capital and general corporate purposes.

Fulgent did not price the offering.

Last month, Fulgent said it had plans to offer up to $75 million of its securities. The Temple City, California-based firm offers testing for hereditary genetic conditions to clinical and research customers and trades on the Nasdaq under ticker symbol "FLGT."

In afternoon trading, shares of Fulgent on the Nasdaq were down less than 4 percent at $11.00.