GenMark Diagnostics, Inc. (NASDAQ: GNMK), a leading provider of automated, multiplex molecular diagnostic testing systems, today announced the upsizing and pricing of its previously announced underwritten public offering of 6,382,978 shares of its common stock at a public offering price of $11.75 per share. The gross proceeds to GenMark, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $75.0 million. The offering is expected to close on or about June 19, 2017, subject to customary closing conditions.
J.P. Morgan and BofA Merrill Lynch are acting as joint book-running managers for the offering. William Blair, Cowen and Raymond James are acting as co-managers. GenMark has granted the underwriters a 30-day option to purchase up to an additional 957,446 shares at the public offering price, less underwriting discounts and commissions.
GenMark intends to use the net proceeds from this offering for general corporate purposes and to fund its commercialization efforts.
A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the “SEC”) and became effective on July 18, 2016. A preliminary prospectus supplement relating to the offering has been filed with the SEC. Copies of the preliminary prospectus supplement and accompanying prospectus may be obtained from the offices of J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Telephone number 866-803-9204), or by email at firstname.lastname@example.org, or BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by email at email@example.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall 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 the registration or qualification under the securities laws of any such state or other jurisdiction.