Aspira Women’s Health said on Thursday morning that it will publicly offer 6 million shares of its common stock at $7.50 per share, raising approximately $45 million in gross proceeds.
Aspira, formerly called Vermillion, also has granted the offering’s underwriters a 30-day option to purchase up to an additional 900,000 shares at $7.50 per share. William Blair and Truist Securities are the joint book-running managers for the offering, and Brookline Capital Markets, a division of Arcadia Securities, is the co-manager for the offering. If the underwriters exercise their options in full, the gross proceeds to Aspira are expected to increase to about $51.75 million.
The offering is anticipated to close on Feb. 8.
Austin, Texas-based Aspira plans to use the net proceeds for sales and marketing, working capital, and other general purposes. It may also use proceeds to acquire or invest in complementary businesses, technologies, product candidates, or other intellectual property, though there are no current commitments or agreements to do so, the company added.
Aspira sells the OVA1plus ovarian cancer risk test, which combines the firm’s original OVA1 assay with its second-generation Overa assay. It also offers the Aspira Genetix test for hereditary breast and ovarian cancer syndrome.
Aspira’s shares were down 15 percent on the Nasdaq early Wednesday morning to $7.50 per share.