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Veracyte Nets $58M in IPO

NEW YORK (GenomeWeb News) – Veracyte announced after the close of the market Monday that it has completed its initial public offering.

The firm went public last week offering 5 million shares at $13 per share. The IPO brought in net proceeds of $58 million.

Veracyte noted in its prospectus that it expected to use around $20 million of the proceeds for sales and marketing activities, including expansion of its sales force, $20 million for R&D, and the remainder for general and administrative expenses.

The South San Francisco, Calif.-based firm launched its first commercial products, the Afirma Thyroid FNA Analysis test, in early 2011. It combines cytopathology with the firm's Afirma Gene Expression Classifier gene expression test, which includes a 142-gene signature, for assessing thyroid nodule fine needle aspirate biopsies that are neither clearly benign nor malignant based on cytology review.

Veracyte is the latest in a string of omics tools and molecular diagnostics developers to go public within the latest year. That group includes Foundation Medicine, which went public in September, and NanoString Technologies, which floated in June.

In early Tuesday trade on the Nasdaq, shares of Veracyte were down a fraction of 1 percent at $12.77.