Pacific Biosciences of California, Inc. Announces Pricing of Public Offering of Common Stock
September 12 2018 - 12:10AM
Pacific Biosciences of California, Inc. (NASDAQ: PACB) (the
“Company”) today announced that it has priced its previously
announced underwritten public offering of 14,117,647 shares of its
common stock at a price to the public of $4.25 per share. The
offering is expected to close on or about September 14, 2018
subject to satisfaction of customary closing conditions.
Pacific Biosciences also granted the underwriters a 30-day option
to purchase up to an additional 2,117,647 shares of its common
stock. Before deducting the underwriting discount and
estimated offering expenses payable by the Company, the Company
expects to receive gross proceeds of approximately $60.0 million,
assuming no exercise of the underwriter’s option to purchase
additional shares.
Cowen and Company, LLC and Cantor Fitzgerald & Co. are
acting as the joint book-running managers for the
offering.
Pacific Biosciences intends to use the net proceeds from the
offering for general corporate purposes, including capital
expenditures and working capital. Pacific Biosciences may
also use a portion of the net proceeds from the offering to acquire
or invest in complementary businesses, technologies, product
candidates or other intellectual property, although it has no
present commitments or agreements to do so.
A shelf registration statement relating to the shares of common
stock was previously filed with the Securities and Exchange
Commission (the “SEC”) and declared effective on August 18,
2017. A preliminary prospectus supplement and accompanying
prospectus relating to the offering were filed with the SEC on
September 10, 2018. A final prospectus supplement and accompanying
prospectus relating to the offering will be filed with the SEC and
will be available on the SEC’s website. Copies of the prospectus
supplement (when available) and accompanying prospectus may be
obtained from Cowen and Company, LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn:
Prospectus Department, by telephone at (631) 592-5973 or by email
at PostSaleManualRequests@broadridge.com or Cantor Fitzgerald &
Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New
York, New York 10022, or by e-mail at prospectus@cantor.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other 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 other jurisdiction. Any offer, if at all, will be
made only by means of the prospectus supplement and accompanying
prospectus forming a part of the effective registration
statement.
About Pacific Biosciences of California,
Inc.
Pacific Biosciences offers sequencing systems to help scientists
resolve genetically complex problems. Based on its novel Single
Molecule, Real-Time (SMRT®) Technology, Pacific Biosciences’
products enable de novo genome assembly to finish genomes in order
to more fully identify, annotate and decipher genomic structures;
full-length transcript analysis to improve annotations in reference
genomes, characterize alternatively spliced isoforms in important
gene families, and find novel genes; targeted sequencing to more
comprehensively characterize genetic variations; and real-time
kinetic information for epigenome characterization. Pacific
Biosciences’ technology provides high accuracy, ultra-long reads,
uniform coverage, and the ability to simultaneously detect
epigenetic changes. PacBio® sequencing systems, including
consumables and software, provide a simple, fast, end-to-end
workflow for SMRT Sequencing.
“Safe Harbor” Statement Under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements within
the meaning of the federal securities laws. These statements
involve risks and uncertainties that could cause actual results to
differ materially, including, but not limited to, whether or not
Pacific Biosciences will be able to consummate the offering of
common stock described herein, including due to the satisfaction of
customary closing conditions and prevailing market conditions, the
anticipated use of the proceeds of the offering which could change
as a result of market conditions or for other reasons, and the
impact of general economic, industry or political conditions in the
United States or internationally. Additional risks and
uncertainties relating to the proposed offering, Pacific
Biosciences and its business can be found under the heading “Risk
Factors” in Pacific Biosciences’ most recent periodic, quarterly
and annual reports filed with the SEC and in the preliminary
prospectus supplement and accompanying prospectus relating to the
offering to be filed with the SEC. Pacific Biosciences
assumes no duty or obligation to update or revise any
forward-looking statements for any reason.
Contact: Attn: Investor RelationsPacific
Biosciences of California, Inc.1305 O’Brien DriveMenlo Park,
California 94025(650) 521-8450
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