BG Medicine Prices $10 Mln Stock Offering

(RTTNews) - BG Medicine, Inc. (BGMD) on Thursday announced the pricing of the sale of 6,452,000 shares of its common stock in an underwritten public offering at a price to the public of $1.55 per share.

The net offering proceeds to BG Medicine from the sale of the shares are expected to be about $8.9 million, after deducting underwriting discounts and commissions and other estimated offering expenses, but excluding any exercise of the underwriter's over-allotment option.

BG Medicine has granted the underwriter a 30-day option to purchase up to an additional 967,800 shares of common stock on the same terms and conditions, solely to cover over-allotments, if any.

The offering is expected to close on or about April 8.

BG Medicine expects to use the net proceeds from this offering for its operations, including, advancing the commercialization of its cardiovascular diagnostic tests in the United States and Europe and developing new clinical claims and indications to expand its product pipeline; and other general corporate purposes, including capital expenditures, licensing of intellectual property, repayment of indebtedness and working capital.