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Genomic Health Hopes to Net $43M in Stock Sale; Shares Climb 8 Percent

NEW YORK (GenomeWeb News) — Genomic Health today said it hopes to net around $43.3 million in a public stock offering.
 
News of the planned sale caused shares in the company to trade up 7.8 percent at $16.92 in afternoon trading on the Nasdaq exchange.
 
Genomic Health, which makes the Oncotype Dx breast cancer recurrence test, said it would use the cash to expand its marketing capabilities, fund R&D, and expand its lab operations.
 
The company plans to sell 3 million shares for $15.50 apiece and expects the sale to close on or about May 25. Genomic Health will grant a 30-day option to buy an additional 450,000 shares to cover over-allotments.

The Scan

Looking for Omicron

NPR reports that SARS-CoV-2 testing in the US has gotten better but also that some experts say more needs to be done to better track the Omicron variant.

Holmes Alleges Abuse

The Associated Press reports that Theranos' Elizabeth Holmes has testified at her wire fraud trial that her business and romantic partner abused her.

Bit More Diverse, But More to Do

While Black and Hispanic patients are more likely to participate in cancer clinical trials than previously, they are still underrepresented, according to US News & World Report.

PNAS Papers on Yeast Gene Silencing, Zika Virus Inhibition, Immunoglobulin Hypermutation

In PNAS this week: gene silencing in Saccharomyces cerevisiae, possible neuroprotective role for SHFL in a mouse model of Zika virus infection, and more.