UPDATE 1-Nanosphere sees IPO of 7 mln shares at $14-$16 each
Oct 17 (Reuters) - Nanosphere Inc on Wednesday registered its initial public offering of 7 million shares at an estimated price of $14 to $16 per share.
The developer of diagnostic tests said in an amended filing with the U.S Securities and Exchange Commission that it expects proceeds of $95 million, assuming an IPO price of $15.
Nanosphere said it plans to use some of the proceeds to finance ongoing research to develop additional genomic and protein tests.
Credit Suisse, Piper Jaffray, Leerink Swann and Allen & Co LLC are underwriting the IPO and have an option to buy a maximum of about 1.1 million additional shares to cover over-allotments.
Nanosphere's initial market capitalization will be in the region of $321.8 million, assuming an IPO price of $15 a share, the mid-point of its range.
The Northbrook, Illinois-based company, which reported a net loss of $15.1 million in the first half of 2007, said it applied for a Nasdaq listing under the symbol "NSPH." (Reporting by Sayantani Ghosh in Bangalore)