Molecular diagnostics developer Nanosphere ($NSPH) reeled in $18.4 million in a stock sale with the proceeds slotted to be used for general corporate purposes and working capital.
Separately, the Northbrook, IL-based company said in an SEC filing it switched its listing from the NASDAQ Global Market to the NASDAQ Capital Market. The move was made to avoid being delisted by the NASDAQ as Nanosphere was notified in September that its closing bid price for common stock had not maintained the minimum $1 per share for the previous 30 consecutive business days required by the exchange.
The company said in the regulatory filing that it has until March 18, 2015 to regain its Global Market listing.
Earlier this month, the FDA gave the company 510(k) clearance for its Verigen Enteric Pathogens Nucleic Acid test, which includes two viral targets (norovirus and rotavirus) along with earlier approved toxigenic and bacterial markers. There is market anticipation the test might be capable of early-stage diagnosis of the Ebola virus in humans.
Nanosphere's flagship product is the Verigene system, which is a platform that maps the genome of bacteria and uses gold nanoparticles to generate high-specificity results.
The sole underwriter for Nanosphere's offering of 40 million shares at 50 cents per share was Chardan Capital Markets, which was issued 400,000 shares as part of its fee, the company said in a press release. The sale closed Tuesday.
Additionally, the company said in the regulatory filing it terminated an agreement made in March to sell up to $30 million in common stock to Aspire Capital. No shares were ever sold as part of the deal.
- see the release
- check out the SEC filing