Pacific Biosciences Of California Announces Pricing Of Public Offering Of Common Stock

By Bio-IT World Staff

June 15, 2017 | Pacific Biosciences of California today announced that it has priced its previously announced underwritten public offering of 15,419,354 shares of its common stock at a price to the public of $3.10 per share. The offering is expected to close on or about June 20, 2017 subject to satisfaction of customary closing conditions. Pacific Biosciences also granted the underwriters a 30-day option to purchase up to an additional 2,312,903 shares of its common stock. After deducting the underwriting discount and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $45.9 million, assuming no exercise of the underwriter’s option to purchase additional shares.

Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering.

Pacific Biosciences intends to use the net proceeds from the offering for general corporate purposes, including capital expenditures and working capital. Pacific Biosciences may also use a portion of the net proceeds from the offering to acquire or invest in complementary businesses, technologies, product candidates or other intellectual property, although it has no present commitments or agreements to do so.

A shelf registration statement relating to the shares of common stock was previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective on November 21, 2014.  A preliminary prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC on June 14, 2017.