Carlsbad-based GenMark Diagnostics Inc. has announced a $60 million secondary offering of its common stock.
The company, which develops tests for cystic fibrosis, respiratory viruses and other disorders, said it intends to use the net proceeds to expand its domestic sales team, grow its international presence and automate its manufacturing infrastructure. It will also broaden its range of diagnostic tests available on the market.
Stock for GenMark (Nasdaq: GNMK) rose incrementally following the announcement, increasing 17 cents and closing Aug. 13 at $9.89 per share. It reported a market capitalization of $323.7 million.
J.P. Morgan Securities LLC will act as the sole book-running manager for the proposed offering, and underwriters have a 30-day option to purchase up to $9 million of additional shares.
GenMark recently reported a 44 percent increase in revenue for the quarter that ended June 30. Second quarter revenue was $5.2 million compared with $3.6 million in the like quarter of 2012. Operating costs, however, increased $3.1 million to $10.1 million in the second quarter.
— Meghana Keshavan