Nanogen, Inc. announced today that it will sell 6.8 million shares of its common stock to institutional investors at a price of $2.94 per share, plus 1.0 million warrants exercisable at $4.00 per share for five years.

Nanogen develops diagnostic tools and reagents for researchers, clinicians and physicians, such as real-time PCR reagents, the NanoChip(R) Molecular biology Workstation platform for molecular diagnostic applications and a line of rapid point-of-care diagnostic tests. Nanogen hopes to develop miniaturized diagnostic kits using nanotechnology.

Read nanogen's press release here. More on Nanogen stocks here.