Quotient, which is developing a diagnostics test for grouping and disease screening blood samples, raised $40 million by offering 5.0 million shares at a price of $8, along with attached warrants to purchase 4 million shares at $8.80 per share. The company had planned to offer 5.0 million shares at a price range of $14 to $16 before twice cutting the range. The proceeds were 47% less than the $75 million initially sought. Quotient's units, each consisting of one share plus one warrant to purchase 0.8 shares, will list on the NASDAQ under the symbol QTNTU. After 30 days, the shares will trade separately under the symbol QTNT. UBS Investment Bank, Baird and Cowen & Company were the joint bookrunners on the deal.
