Proceeds slated for domestic and international commercialization
By Devika Patel
Knoxville, Tenn., July 17 – Vermillion, Inc. said the underwriters for its initial public offering of stock opted to exercise the deal’s $2.45 million greenshoe in full, lifting total proceeds of the offering to $18.82 million. The deal was announced Dec. 23, 2014 and priced for $16.37 million with the greenshoe on Tuesday.
The company sold 9,602,500 shares at $1.96 each, a 3.92% discount to the closing share price of $2.04 on July 13. Of the shares, 1,252,500 were part of the fully exercised greenshoe.
Canaccord Genuity was the bookrunning manager.
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.
|
| Issue: | Common shares
|
| Amount: | $18,820,900, including $2,454,900 greenshoe of 1,252,500 shares
|
| Shares: | 9,602,500
|
| Price: | $1.96
|
| Warrants: | No
|
| Bookrunner: | Canaccord Genuity
|
| Lead manager: | Roth Capital Partners
|
| Announcement date: | Dec. 23
|
| Pricing date: | July 14
|
| Settlement date: | July 17
|
| Stock symbol: | Nasdaq: VRML
|
| Stock price: | $2.04 at close July 13
|
| Market capitalization: | $90.54 million
|
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