SAN DIEGO--(BUSINESS WIRE)--GenMark Diagnostics, Inc., a provider of automated, multiplex molecular diagnostic testing systems, announced today that its initial public offering of 4,600,000 shares of its common stock has been priced at $6.00 per share. The shares are expected to begin trading today on the NASDAQ Global Market under the ticker symbol “GNMK.” In addition, GenMark has granted the underwriters a 30-day option to purchase up to an additional 690,000 shares to cover over-allotments, if any.
Piper Jaffray & Co. is acting as sole book-running manager of the offering. The co-managers are William Blair & Company, L.L.C. and ThinkEquity LLC. A registration statement relating to the shares of GenMark’s common stock offered in the initial public offering has been declared effective by the Securities and Exchange Commission. The offering will be made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained by contacting Piper Jaffray & Co., 800 Nicollet Mall, Suite 800, Minneapolis, MN 55402, Attention: Prospectus Department, 800-754-4781. The final prospectus, when it is available, also may be obtained on the Securities and Exchange Commission's website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
GenMark, a provider of automated, multiplex molecular diagnostic testing systems, detects and measures DNA and RNA targets to diagnose disease and to optimize the treatment of patients and is focused on developing and commercializing its eSensor detection technology. GenMark’s XT-8 System is designed to support a broad range of molecular diagnostic tests with a compact and easy-to-use workstation and self-contained, disposable test cartridges. GenMark has developed four diagnostic tests for use with the XT-8 System, including its Cystic Fibrosis Genotyping Test, Warfarin Sensitivity Test and Thrombophilia Risk Test which have received clearance from the Food and Drug Administration.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in GenMark’s public filings with the Securities and Exchange Commission, including GenMark’s registration statement on Form S-1, as amended. All information provided in this press release is as of May 28, 2010. Except as required by law, GenMark undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
GenMark Diagnostics, Inc.
Steven Kemper, Chief Financial Officer
Jon Faiz Kayyem, Chief Executive Officer