A Medical Device Daily
Genoptix (Carlsbad, California) said it has closed its previously reported IPO of 5 million shares and that the underwriters of the offering have exercised in full their 30-day option to purchase an additional 750,000 shares of common stock, which includes 450,000 shares sold by Genoptix and 300,000 shares sold by certain selling stockholders (Medical Device Daily, Oct. 31, 2007).
The purchase price of the shares was $17 per share. Genoptix sold a total of 4,735,714 shares in the offering, resulting in net proceeds of about $72.7 million after deducting the underwriting discounts and commission and the estimated offering expenses.
The offering is being made through an underwriting syndicate led by Lehman Brothers acting as sole book-running manager. Banc of America Securities is acting as joint lead manager and Cowen and Co. as co-manager.
Genoptix is a specialized laboratory service provider focused on delivering personalized and comprehensive diagnostic services to community-based hematologists and oncologists.
The company’s offerings center on Compass, a package that allows the company’s hematopathologists to evaluate a sample, determine the appropriate tests, and deliver a report back to the physician. Compass includes a histopathology analysis to determine the nature and extent of the disease, six-color flow cytometry to characterize and measure cells, cytogenetics tests to reveal chromosomal abnormalities, polymerase chain reaction to follow progression of the disease and response to therapy, and circulating tumor cell tests for metatstatic breast cancer patients.
The company first disclosed its IPO in August (MDD, Aug. 3, 2007).
Laboratory Corporation of America Holdings (LabCorp; Burlington, North Carolina) reported that its board has authorized a new stock repurchase program under which it may purchase up to an aggregate of $500 million of its common stock from time-to-time. The company also reported that it has repurchased $131 million of stock during the fourth quarter to date and has $198.2 million remaining authorization under an existing share repurchase plan.
The company said it intends to pursue an accelerated pace of repurchases to take advantage of the current share price which the company said it believes does not fully reflect the value of its business or prospects.
LabCorp offers clinical assays ranging from routine blood analyses to HIV and genomic testing.