LipoScience Inc. (LPDX: Quote) announced the pricing of initial public offering of 5 million shares at a price to the public of $9.00 per share. The shares are expected to begin trading on The NASDAQ Global Market under the ticker, LPDX, on January 25. The company expects to receive net proceeds of approximately $38.6 million from the offering.
LipoScience has granted the underwriters a 30-day option to purchase an aggregate of up to an additional 750 thousand shares at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments.
The company intends to use the proceeds to hire additional sales and marketing personnel and to support costs associated with increased sales and marketing activities, for capital expenditures, including components of the Vantera system, to fund its research and development programs, to pay accrued dividends in the amount of $5.2 million on shares of preferred stock that will convert into common stock upon the closing of the offering, and the balance for other general corporate purposes, including general and administrative expenses, working capital and the potential repayment of indebtedness.
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by RTT Staff Writer
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