GenMark Diagnostics Plans $60 Mln Stock Offering

(RTTNews) - GenMark Diagnostics, Inc. (GNMK) said Monday that it plans to commence an underwritten public offering of $60 million of shares of its common stock.

All of the shares in the proposed offering are to be sold by GenMark.

The company plans to grant the underwriters a 30-day option to purchase up to $9 million of additional shares.

GenMark said it plans to use the net proceeds from this offering for general corporate purposes, including, but not limited to, the acceleration of its test menu and NexGen platform development, the expansion of its domestic commercial team, the acceleration of its international expansion, increases in administrative infrastructure to support its international and domestic expansion, automation of its manufacturing infrastructure and other working capital requirements.