GenMark Diagnostics (GNMK) Prices 7.254M Share Common Offering at $9.65/Sh

GenMark Diagnostics, Inc. (NASDAQ: GNMK) today announced the pricing of its previously announced underwritten public offering of 7,253,886 shares of its common stock at a public offering price of $9.65 per share. The gross proceeds to GenMark, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $70.0 million. The offering is expected to close on or about May 11, 2020, subject to customary closing conditions.

GenMark has granted the underwriters a 30-day option to purchase up to an additional 1,088,082 shares at the public offering price, less underwriting discounts and commissions.

Cowen and William Blair are acting as joint book-running managers for the offering. Canaccord Genuity is acting as lead manager for the offering. BTIG and Needham & Company are acting as co-managers for the offering.

GenMark intends to use the net proceeds from this offering for general corporate purposes, which may include, among other things, increasing its working capital, funding research and development, and capital expenditures, including menu expansion and increasing its manufacturing capacity and yield to address future market opportunities. GenMark may also use a portion of the net proceeds for the repayment of its existing indebtedness under its loan and security agreement with Solar Capital Partners

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