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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.