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News & Analysis US

GenMark Diagnostics Estimates Pricing 4.5 Mln Share IPO In $8-$10 Per Share Range

May 14, 2010, Friday, 04:19 GMT | 23:19 EST | 07:49 IST | 10:19 SGT

(RTTNews) - GenMark Diagnostics, Inc. disclosed that it anticipates pricing its initial public offering of 4.50 million shares of common stock between $8.00 and $10.00 per share. The Pasadena, California-based company's proposed trading symbol for NASDAQ Global Market is "GNMK"

Molecular diagnostics company GenMark filed its registration statement on Form S-1 with the regulator on March 19, 2010. Immediately prior to the closing of this offering, Osmetech Plc (OMH.L), a corporation registered in England and Wales, will become a subsidiary controlled by GenMark, a Delaware corporation.

GenMark was established as a parent company as it is not possible to change the place of incorporation of Osmetech from one jurisdiction to another under English law.

Osmetech's Board has approved a proposal to change the domicile to the United States, with the existing shareholders becoming GenMark' stockholders, and AIM Trading Facility to be cancelled.

Gartmore Investment Ltd., Efficacy Capital, Ltd., FMR LLC, Schroders plc, and Ronin Capital L.L.C. hold a significant stake in the company.