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Nanosphere rises in market debut

Thu Nov 1, 2007 1:34pm EDT

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NEW YORK, Nov 1 (Reuters) - Shares of Nanosphere Inc (NSPH.O) traded higher in its market debut on Thursday, a day after an initial public offering that raised $98 million.

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After a flat opening, shares of the company, which is developing diagnostic tests for a variety of medical conditions, were up 4.3 percent at $14.60 in afternoon trading on Nasdaq.

On Wednesday, Nanosphere's 7-million share offering priced at $14 per share, at the bottom of a forecast range of $14 to $16.

The unprofitable company plans to use proceeds of the offering to finance research and development, and for other corporate purposes.

Underwriters, led by Credit Suisse (CS.N), have the option to purchase an additional 1 million shares to cover overallotments. (Reporting by Lilla Zuill)

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