San Diego molecular diagnostics company Trovagene Inc. has closed a registered direct offering of $15 million in common stock at a price of $7 per share. The shares were sold directly to one of the company’s unnamed institutional investors.
The company’s stock rose 15.5 percent following the announcement, trading at $9.45 at market close on August 1. Trovagene, a $147.6 million market cap company, said it plans to use the net proceeds from the offering to fund research and development, as well as for working capital and other general corporate purposes.
— SDBJ Staff Report