CARLSBAD, Calif.--(BUSINESS WIRE)--
GenMark Diagnostics, Inc. (NASDAQ: GNMK), a leading provider of
automated, multiplex molecular diagnostic testing systems, today
announced the upsizing and pricing of its previously announced
underwritten public offering of 6,382,978 shares of its common stock at
a public offering price of $11.75 per share. The gross proceeds to
GenMark, before deducting the underwriting discounts and commissions and
estimated offering expenses, are expected to be approximately $75.0
million. The offering is expected to close on or about June 19, 2017,
subject to customary closing conditions.
J.P. Morgan and BofA Merrill Lynch are acting as joint book-running
managers for the offering. William Blair, Cowen and Raymond James are
acting as co-managers. GenMark has granted the underwriters a 30-day
option to purchase up to an additional 957,446 shares at the public
offering price, less underwriting discounts and commissions.
GenMark intends to use the net proceeds from this offering for general
corporate purposes and to fund its commercialization efforts.
A shelf registration statement on Form S-3 relating to the public
offering of the shares of common stock described above was filed with
the Securities and Exchange Commission (the "SEC") and became effective
on July 18, 2016. A preliminary prospectus supplement relating to the
offering has been filed with the SEC. Copies of the preliminary
prospectus supplement and accompanying prospectus may be obtained from
the offices of J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Telephone number
866-803-9204), or by email at email@example.com,
or BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd
floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by
email at firstname.lastname@example.org.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
GenMark Diagnostics (NASDAQ: GNMK) is a leading provider of multiplex
molecular diagnostic solutions designed to enhance patient care, improve
key quality metrics, and reduce the total cost-of-care. Utilizing
GenMark's proprietary eSensor® detection technology, GenMark's eSensor
XT- 8® and ePlex® systems are designed to support a broad range of
molecular diagnostic tests with compact, easy-to-use workstations and
self-contained, disposable test cartridges. GenMark's ePlex®: The True
Sample-to-Answer Solution™ is designed to optimize laboratory efficiency
and address a broad range of infectious disease testing needs, including
respiratory, bloodstream, and gastrointestinal infections. For more
information, visit www.genmarkdx.com.
This press release contains certain forward-looking information about
GenMark Diagnostics, Inc. that is intended to be covered by the safe
harbor for "forward-looking statements" provided by the Private
Securities Litigation Reform Act of 1995, as amended. Forward-looking
statements are statements that are not historical facts. Words such as
"expect(s)," "feel(s)," "believe(s)," "will," "may," "anticipate(s)" and
similar expressions are intended to identify forward-looking statements.
These statements include, but are not limited to, statements about the
Company's expectations regarding its capital raising efforts, including
the closing of the public offering, the underwriters' exercise of their
option to purchase additional shares and the Company's intended use of
proceeds. All such statements are subject to certain risks and
uncertainties, many of which are difficult to predict and generally
beyond the control of the Company, which could cause actual results to
differ materially from those expressed in, or implied or projected by,
the forward-looking information and statements. These risks and
uncertainties include, but are not limited to, risks related to: the
Company's history of operating losses, the Company's ability to
successfully commercialize its products, inherent risk and uncertainty
in the protection of intellectual property rights, ability to maintain
gross margins, regulatory uncertainties regarding approval or clearance
for the Company's products, as well as other risks and uncertainties
described under the "Risk Factors" contained in the Company's periodic
and interim SEC reports, including but not limited to, its Annual Report
on Form 10-K for the fiscal year ended December 31, 2016, its Quarterly
Report on Form 10-Q for the quarter ended March 31, 2017, and its
Current Reports on Form 8-K filed from time to time with the SEC.
Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date hereof, and
the Company does not undertake any obligation to revise and disseminate
forward-looking statements to reflect events or circumstances after the
date hereof, or to reflect the occurrence of or non-occurrence of any
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GenMark Diagnostics, Inc.
President & Chief
Source: GenMark Diagnostics, Inc.
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