Proceeds slated for domestic and international commercialization
By Toni Weeks
San Luis Obispo, Calif., July 14 – Vermillion, Inc. priced a $16.37 million public offering of its common shares, according to a press release. The deal has a $2.45 million 30-day greenshoe option.
The company is selling 8.35 million shares at $1.96 each, a 3.92% discount to the closing share price of $2.04 on July 13.
Canaccord Genuity is the bookrunning manager.
Settlement is expected July 17.
Proceeds will be used to fund domestic and international commercialization, bioinformatics platform enhancements, portfolio expansion and general corporate purposes.
Austin, Texas-based Vermillion specializes in bio-analytical solutions for gynecologic disease.
Issuer: | Vermillion, Inc.
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Issue: | Common shares
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Amount: | $16,366,000
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Shares: | 8.35 million
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Greenshoe: | $2,454,900, or 1,252,500 shares
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Price: | $1.96
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Warrants: | No
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Bookrunner: | Canaccord Genuity
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Lead manager: | Roth Capital Partners
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Pricing date: | July 14
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Settlement date: | July 17
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Stock symbol: | Nasdaq: VRML
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Stock price: | $2.04 at close July 13
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Market capitalization: | $82.78 million
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