By E. Janene Geiss
Philadelphia, Dec. 1 - Tm Bioscience Corp. said it arranged a public offering of 5.6 million in common shares for C$1.80 apiece for a total of C$10.080 million.
A syndicate of underwriters, led by Canaccord Capital Corp. and including Versant Partners Inc. and Westwind Partners Inc., participated on a bought-deal basis, according to a company news release.
The deal includes a greenshoe with the underwriters having the option, exercisable for 30 days following closing, to buy up to 840,000 additional common shares on the same terms and conditions, officials said.
Closing is expected on Dec. 19.
The funding will be used to advance the company's pipeline of genetic tests and for general working capital, officials said.
"Tm continues to see significant growth in its existing core genetic testing market and recently announced a further expansion of its product portfolio with a comprehensive respiratory viral panel that includes testing for the avian flu," chief financial officer Jim Pelot said in the release.
Tm is a Toronto, Ont., DNA-based diagnostics company developing a suite of genetic tests, including tests for genetic disorders, drug metabolism and infectious diseases.
| Issuer: | Tm Bioscience Corp.
|
| Issue: | Common shares
|
| Amount: | C$10.080 million
|
| Units: | 5.6 million |
|
| Price: | C$1.80
|
| Underwriters: | Canaccord Capital Corp. (lead), Versant Partners Inc., Westwind Partners, Inc.
|
| Announcement date: | Dec. 1
|
| Settlement: | Dec. 19
|
| Stock price: | C$1.86 at close Dec. 1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
