Nanosphere, Inc. (the "Company"), a leader in the development and commercialization of advanced molecular diagnostics systems, today announced the pricing of its previously announced underwritten public offering of 15,000,000 shares of its common stock at a public offering price of $1.75 per share.
In connection with the offering, the Company has also granted the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of common stock to cover over-allotments, if any. Piper Jaffray & Co. is acting as the sole book-running manager and Canaccord Genuity Inc. and Cowen and Company, LLC acted as co-managers for the offering.
Net proceeds from the sale of the shares after underwriting discounts and commissions and other offering expenses are expected to be approximately $24.1 million. If the underwriters exercise their over-allotment option in full, net proceeds from the offering will be approximately $27.7 million. The offering is subject to customary closing conditions and is expected to close on Wednesday, September 18, 2013.
The Company plans to use the net proceeds from the offering for general corporate purposes and working capital.
The offering was made pursuant to a prospectus supplement to the Company's prospectus, dated November 5, 2012, filed as part of the Company's effective $100 million shelf registration statement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Copies of the final prospectus supplement and accompanying prospectus relating to these securities may be obtained by contacting Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402 or by telephone at 800-747-3924 or by email at firstname.lastname@example.org.
About the Verigene® System
The Verigene® System uses core proprietary gold nanoparticle chemistry to offer highly sensitive, highly specific molecular diagnostic results through low-cost multiplexing. The Verigene System rapidly and accurately detects infectious pathogens and drug resistance markers by mapping the genome of a particular bacterium. Currently, Verigene assays target infections of the bloodstream, respiratory tract and gastrointestinal tract. The System also offers additional capabilities in cancer, cardiovascular disease and autoimmune disease. The information gathered from Verigene enables clinicians to identify diseases earlier and make informed patient treatment decisions more quickly, which may result in improved patient outcomes, reduced costs, optimized antibiotic therapy, reduced spread of antibiotic resistance and saved lives.
About Nanosphere, Inc.
Nanosphere is enhancing medicine through targeted molecular diagnostics that result in earlier disease detection, and enable optimal patient treatment and improved healthcare economics. The Company's versatile technology platform, the Verigene® System, allows clinicians to rapidly identify the most complex, costly and deadly infectious diseases through simple-to-use multiplexed diagnostic testing. The combination of this innovative technology and Nanosphere's customer-driven solutions keeps commitment to the patient at the forefront of its business. Nanosphere is based in Northbrook, IL. Additional information is available at nanosphere.us.
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