Trovagene Aims to Raise $35M With Common Stock OfferingFriday, July 17, 2015
San Diego-based Trovagene Inc., a molecular diagnostics company, announced July 17 an offering of 4 million shares of its common stock, which is expected to bring in gross proceeds of around $35 million.
The offering is expected to close on or about July 22. Trovagene has also granted the underwriters a 30-day option to purchase up to an additional 600,000 shares.
The firm said proceeds from the offering will fund research and development, serve as working capital, and support other general corporate purposes.
Piper Jaffray and Leerink Partners are acting as joint book-running managers for the offering. Janney Montgomery Scott, Cantor Fitzgerald, and Maxim Group are co-managers on the offering.
Trovagene reported it had $44 million in cash and cash equivalents as of March 31, 2015.
Shares of Trovagene were trading the morning of July 17, on the Nasdaq under the stock symbol TROV, for $9.08 per share, down about 10 percent since the market closed on Thursday.