Progenity, Inc. (NASDAQ: PROG) reported its shares dropped at Thursday’s open, on closing a previously announced direct offering.
The San Diego-based Progenity, an innovative biotechnology company, today announced the closing of its previously announced registered direct offering of 13,333,334 shares of the Company's common stock, at a purchase price of $1.50 per share, priced at a premium to market under Nasdaq rules for gross proceeds of approximately $20 million, before deducting the placement agent's fees and other offering expenses.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
Progenity intends to use the net proceeds from this offering to support its operations, invest in research and development with respect to its diagnostic technologies and precision medicine platform, and for working capital and general corporate purposes.
Progenity is a biotechnology company innovating in the fields of women’s health, gastrointestinal health and oral biotherapeutics. Progenity applies a multi-omics approach, combining genomics, epigenomics, proteomics, and metabolomics to its molecular testing products and to the development of a suite of investigational ingestible devices designed to provide precise diagnostic sampling and drug delivery solutions.
Progenity’s vision is to transform healthcare to become more precise and personal by improving diagnoses of disease and improving patient outcomes through localized treatment with targeted therapies
PROG shares lost five cents, or 3.6%, to $1.37
