Pacific Biosciences Files to Raise Capital (PACB)

Pacific Biosciences of California, Inc. (NASDAQ: PACB) has just filed paperwork with the Securities and Exchange Commission to raise up to $150 million in a mixed securities shelf registration statement.  The filing will allow the company to sell any combination of the following securities: Common stock; Preferred stock; Depositary Shares; Warrants; Debt securities; and Units.   The company also noted that it may offer and sell in one or more series or issuances that the company will determine at the time.  No underwriters were named.

Pacific Bio also noted in the USE OF PROCEEDS section, “Unless otherwise indicated in the prospectus supplement, we will use the net proceeds from the sale of securities offered by this prospectus for general corporate purposes, which may include working capital, capital expenditures, other corporate expenses and acquisitions of complementary products, technologies or businesses. The timing and amount of our actual expenditures will be based on many factors, including cash flows from operations and the anticipated growth of our business. As a result, unless otherwise indicated in the prospectus supplement, our management will have broad discretion to allocate the net proceeds of the offerings.”

Pacific Biosciences shares are down 4.1% at $3.48 against a 52-week trading range of $2.25 to $13.70. As far as what the ‘up to $150 million’ compares to, the current market capitalization rate is $193 million.

JON C. OGG