VolitionRx Limited (NYSEMKT:VNRX) shares gained on Friday after the company said the Underwriter of its public offering of 2.25mln shares has exercised its option to purchase an additional 234,404 shares at $5 per share to cover over-allotments, bringing the total gross proceeds from the offering to approximately $12.4mln.
The Namur, Belgium-based life sciences company focused on developing diagnostic tests for cancer said the net proceeds are expected to be approximately $11.7mln, after deducting underwriting discounts, commissions and estimated offering expenses payable by Volition.
All of the shares in the offering and the over-allotment were offered by Volition. The exercise of the over-allotment option closed on October 21.
National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NASDAQ:NHLD), acted as sole book-running manager for the offering. Lake Street Capital Markets and The Benchmark Company, LLC acted as advisors in the offering.
Volition intends to use the net proceeds of the offering for continued product development, clinical studies, product commercialization, working capital, and for other general corporate purposes.
VolitionRx shares were up 2.8% at $4.85 on Friday.
Story by ProactiveInvestors