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15 Aug 2013

GenMark Plans for Expansion

GenMark Diagnostics, a provider of automated multiplex molecular diagnostic testing systems, is planning to expand its workforce and infrastructure both domestically and internationally.

To fund this expansion, the New York-based company is looking for investment in $60 million (£38.8 million) of its common stock. It is also offering underwriters a 30-day option to buy an additional $9 million in shares. JP Morgan Securities will be acting as the book-running manager for the offering.

Included in its expansion plans, GenMark intends to automate its manufacturing infrastructure, develop its test menu and NexGen platform. It also plans to expand its commercial workforce domestically and increase its presence internationally.

GenMark currently offers four tests that have been approved by FDA, these include respiratory viral panel, cystic fibrosis genotyping tests, thrombophilia risk tests and warfarin sensitivity tests. It also offers some tests for research purposes, such as HCV genotyping, 2C19 genotyping and 3A4/3A5 genotyping.

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