Nanosphere snags $30.2M in stock sale

Nanosphere markets the FDA-cleared Verigene Gram-Positive Blood Culture Test.--Courtesy of Nanosphere

Diagnostics outfit Nanosphere ($NSPH) hauled in $30.2 million in an over-allotted stock sale, padding its war chest as it develops tests using gold nanoparticle chemistry.

Net of costs, Nanosphere will take home about $27.7 million through the offering, $3.6 million more than it expected thanks to its underwriters exercising their over-allotment options in full.

The raise gives Nanosphere a nice cash padding as it works to expand the adoption of its FDA-cleared Verigene Gram-Positive Blood Culture Test, an in vitro diagnostic designed to detect common bloodstream infections.

The company is also working toward agency sign-offs for its pipeline tests, planning a third-quarter FDA submission for its gram-negative blood stream infection panel and a fourth-quarter application for its gastrointestinal enteric offering. 

Each of the tests operates on Nanosphere's banner Verigene system, a platform that maps the genome of bacteria and uses gold nanoparticles to generate high-specificity results, the company said.

Last quarter, the company grew its revenue 38% to $1.9 million but slashed its full-year projections by about 25% "to better reflect the extensive implementation process that our customers utilize" after buying the Verigene blood test, CEO Michael McGarrity said in a statement.

- read Nanosphere's announcement