Offering proceeds to be used to strengthen, build company's business
By Devika Patel
Knoxville, Tenn., Feb. 2 - Response Genetics, Inc. said it plans an offering of stock to raise about $7.95 million.
The company will sell about 5.3 million common shares at $1.50 apiece. The price per share represents a 27.12% premium to the Feb. 1 closing share price of $1.18.
Settlement is expected Feb. 6.
"We are very pleased with this financing," chairman and chief executive officer Thomas Bologna said in a press release. "One of the first things we wanted to do was to strengthen our balance sheet, which we've accomplished. We plan to use the proceeds to help us move forward in strengthening and building our business."
Response Genetics is a Los Angeles company that researches and develops clinical diagnostic tests for cancer.
| Issuer: | Response Genetics, Inc.
|
| Issue: | Common shares
|
| Amount: | $7.95 million (approximate)
|
| Shares: | 5.3 million (approximate)
|
| Price: | $1.50
|
| Warrants: | No
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| Pricing date: | Feb. 1
|
| Settlement date: | Feb. 6
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| Stock symbol: | Nasdaq: RGDX
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| Stock price: | $1.18 at close Feb. 1
|
| Market capitalization: | $30.28 million
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