BG Medicine selling 6M shares of stock for $2 each
BG Medicine prices $12M stock sale; will use proceeds to fund sales of heart diagnostic tests
WALTHAM, Mass. (AP) -- BG Medicine Inc. said Friday that it priced an offering of 6 million shares of stock at $2 per share.
The company said it expects $11.1 million in proceeds after discounts, commissions and expenses are deducted. The offering is expected to close Wednesday. BG Medicine said the underwriters of the offering will have the opportunity to buy 900,000 additional shares to cover any overallotments.
BG Medicine makes a test that is used to determine the prognosis of patients with heart failure, and a test designed to identify patients at high risk for problems like heart attack and stroke. The company said it will use the proceeds of the offering for commercialization of its tests and for other general corporate purposes.
BG Medicine had 20.5 million shares on the market as of Oct. 31. Its shares fell 34 cents, or 13.7 percent, to $2.14 in morning trading.
