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CareDx Closes $18.3M Public Offering of Common Stock

NEW YORK (GenomeWeb) – CareDx announced after the close of the market on Tuesday that it has closed its previously announced public offering, raising about $18.3 million in net proceeds.

The firm sold nearly 5 million shares of its common stock, including 651,240 shares sold pursuant to the underwriters' full exercise of their option to cover over-allotments, at a price of $4 per share. The company said last week that it planned to sell about 4.3 million shares at $4 per share, not including the additional shares granted to the underwriters, and that it expected to raise about $15.9 million.

"This was a very successful follow-on financing," CareDx President and CEO Peter Maag said in a statement. "Following this important financial milestone, CareDx remains focused on a successful launch [of organ transplant diagnostic AlloSure], while driving our core products to better serve both patients and the transplant community."

The firm had previously said it planned to use the net proceeds for working capital and general corporate purposes.

Craig-Hallum Capital Group acted as sole book-running manager for the offering, and HC Wainwright acted as comanager.

CareDx's shares rose a fraction of a percent to $5.80 in after-hours trading on the Nasdaq.

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