Vysis Inc. registered to sell 4 million shares in a public offering, 3 million of which will be sold by shareholder BP plc, so the company would raise through its share about $26 million, assuming Tuesday¿s closing price (NASDAQ:VYSI) of $25.96.
The Downers Grove, Ill.-based genomics firm said it would use the proceeds for general corporate purposes, working capital and acquisitions of technology and intellectual property.
Earlier this month, Vysis won FDA clearance to market its UroVysion test for monitoring recurrence of bladder cancer. The test is based on the detection of genetic changes in bladder cells using the company¿s fluorescence DNA probe technology. Vysis said the assay is the industry¿s first genomic DNA-probe test for monitoring recurrence of bladder cancer to be cleared for marketing by the FDA.
In June, Vysis said it had signed a letter of intent to sell its DNA probe-based food testing subsidiary, Gene-Trak Systems, to Lansing, Mich.-based Neogen Corp., a company focused on food and animal safety.
Underwriters have an option to buy 600,000 more shares from BP in the offering, expected to close late in the third quarter. Manager of the transaction is UBS Warburg LLC, of Stamford, Conn., with co-managers First Union Securities, of New York, and Pacific Growth Equities, of San Francisco.
Vysis¿ shares ended Thursday at $23.64, down $2.32. ¿ Randall Osborne