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UPDATE: Nanosphere (NSPH) Commences Common Stock Offering, Prelim. Q3 Revs Top Expectations

October 21, 2014 4:23 PM EDT
(Updated - October 21, 2014 4:24 PM EDT)

Nanosphere, Inc. (Nasdaq: NSPH) announced that it has commenced an underwritten public offering of its common stock. Chardan Capital Markets, LLC is acting as the sole book-running manager for the offering. Nanosphere plans to use the net proceeds from the offering for general corporate purposes and working capital.

The offering will be made pursuant to a preliminary prospectus supplement to the Company's base prospectus, dated November 5, 2012, filed as part of the Company's effective shelf registration statement on Form S-3, Registration No. 333-183916.

Nanosphere also announced that it has terminated its previously announced common stock purchase agreement with Aspire Capital Group pursuant to which no shares were ever issued or sold.

In addition, Nanosphere announced unaudited, preliminary, partial results for the third quarter ended September 30, 2014. Revenues for the third quarter 2014 were $3.7 million. New Customer placements for the third quarter 2014 were 30. Cash and equivalents at September 30, 2014 were $12.5 million. The Company plans to release full third quarter results and hold an investor call on November 5, 2014.

*** The Street was looking for revenue of $3.4 million.

In addition, Nanosphere announced that the listing of its common stock will be transferred from the NASDAQ Global Market to the NASDAQ Capital Market effective October 23, 2014, and will opt in to the NASDAQ all-inclusive annual listing fee program starting in 201



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