Shares of Quidel (NASDAQ: [[ticker:QDEL]]), the San Diego diagnostic test maker, sank more than 8 percent on heavy volume today, after the company priced a secondary public offering of 4 million common shares at $13.15 a share. The company, which granted an additional 600,000 to the underwriter to cover over-allotments, says the closing of the offering is expected on or about Tuesday. Quidel’s share price fell by $1.20, or 8.3 percent, to close at $13.23 in trading of nearly 2.1 million shares—nearly 11 times the company’s recent average trading volume. Quidel, which has about 28 million shares outstanding, says it plans to use the proceeds for working capital and other purposes, including possible acquisitions.
Author: Bruce V. Bigelow
In Memoriam: Our dear friend Bruce V. Bigelow passed away on June 29, 2018. He was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here.
Bruce Bigelow joined Xconomy from the business desk of the San Diego Union-Tribune. He was a member of the team of reporters who were awarded the 2006 Pulitzer Prize in National Reporting for uncovering bribes paid to San Diego Republican Rep. Randy “Duke” Cunningham in exchange for special legislation earmarks. He also shared a 2006 award for enterprise reporting from the Society of Business Editors and Writers for “In Harm’s Way,” an article about the extraordinary casualty rate among employees working in Iraq for San Diego’s Titan Corp. He has written extensively about the 2002 corporate accounting scandal at software goliath Peregrine Systems. He also was a Gerald Loeb Award finalist and National Headline Award winner for “The Toymaker,” a 14-part chronicle of a San Diego start-up company. He takes special satisfaction, though, that the series was included in the library for nonfiction narrative journalism at the Nieman Foundation for Journalism at Harvard University.
Bigelow graduated from U.C. Berkeley in 1977 with a degree in English Literature and from the Columbia University Graduate School of Journalism in 1979. Before joining the Union-Tribune in 1990, he worked for the Associated Press in Los Angeles and The Kansas City Times.
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