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California biotech seed firm Ceres gets $23M from public offer

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March 18
7:25 AM 2014

Agricultural biotech seed firm Ceres Inc from Thousand Oaks has raised $23 million by through a public offering of 20 million shares of common stock last March 4, according to Ventura Country Star.

GDP Insider reported that aside from the $1-per-share offering, the underwriters of Ceres also exercised their option to purchase common stock reserved for overallotments. The underwriters bought 3 million shares worth $3 million, bringing the total amount from the sale to $23 million. The company will use the proceeds from the transaction to support its operations and other general corporate purposes, the report added.

Aegis Capital Corp was the sole book-running manager for the transaction. Ceres sought financial advice from Trout Capital LLC, Ventura County Star stated.

Ceres grows and sells plant seeds that produce renewable energy crops. The California-based biotech firm raised $64 million when it launched its initial public offering (IPO) on February 22, 2012, the report detailed.

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