Ignyta Inc (NASDAQ:RXDX), which happens to be one of the top-notch biotechnology companies dwelling majorly on precision medicine in oncology has today moved ahead to announce the pricing underwritten public offering of 12.5 million and of course this is in the shares of its common stock where each was sold at $6.15.
The company’s financial department has revealed that the gross proceeds emanating from the offering will amount to about $76.9 million, but of course that will be before making the required deductions in terms of the associated commissions as well as the underwriting discounts not forgetting the payable expenses by Ignyta.
If everything moves as planned, the offering might reach its expiry on May 9, 2017, and that will most probably have to align to the numerous customary closing conditions. Asides from that, the provider has moved ahead to grant the underwriters a 30-day option to to actually buy up to an additional 1.875 million shares of its common stock and this was of course done at the confines of public offering price, less the underwriting commissions and discounts ,in line with the offering.
At the moment, the company is looking forward to using its net proceeds resulting from the offering to finance research and development activities for its wide range of development programs.
While addressing a press conference, one of the company’s top executives addressed the great need for company to channel some of its resources to the area of research. As a matter of fact, to be able to rise to the pinnacle as a biotechnology company, you have to make sure that the “wheels” of research are in constant motion.
That will lead to the development of more advanced products. It is by the sale of these top end products that any company can generate more revenues to aid in the implementation of expansions as well as in the provision of high quality services.
This company hasn’t had an easy time remaining at the top and one of the industry leaders considering the fierce competition it has encountered, However, one of the company’s top executives showed his gratitude revealing that indeed the company ahead remained strong through both the good and the bad times.