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SAN DIEGO - Sequenom Inc., which makes genetic testing products, said Monday it will launch a public offering of 5.5 million of its common shares, or about 12 percent of the company's outstanding stock.
| SQNM | 22.8 |  0 |
The company also will grant underwriters a 30-day option to purchase up to an additional 825,000 shares of common stock. All of the shares are being offered by Sequenom.
Sequenom expects to use proceeds to develop diagnostic tests for use on its MassArray system and other platforms, and for general corporate purposes.
The company currently has about 45.4 million common shares outstanding.
Lehman Brothers Inc. and UBS Investment Bank are acting as joint book-running managers in this offering. The co-managers are Leerink Swann & Co., Lazard Capital Markets LLC, Oppenheimer & Co. and Rodman & Renshaw LLC.
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