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CareDx Closes $53.8M Common Stock Offering

NEW YORK (GenomeWeb) – CareDx announced after the close of the market on Friday that it has closed its previously announced public offering of common stock, raising net proceeds of $53.8 million after deducting underwriting discounts and commissions and estimated offering expenses.

The diagnostics firm had announced earlier this week that it planned to sell 2 million shares at $24.50 per share. CareDx had also said it would grant the underwriters a 30-day option to purchase up to an additional 300,000 shares, and that it expected to raise net proceeds of approximately $45.9 million. At closing, the firm said it had sold all 2.3 million shares it had set aside for the sale, including those granted to the underwriters.

Jefferies and Piper Jaffray were the joint book-running managers for the offering. Craig-Hallum was the co-manager for the offering.

In a previous filing with the US Securities and Exchange Commission, CareDx said it intended to use the net proceeds from this offering for working capital, general corporate purposes and the potential repayment of outstanding indebtedness under its credit agreement with Perceptive Credit Holdings that the firm entered into on April 16.

The Brisbane, California-based firm sells the AlloSure kidney transplant test and AlloMap heart transplant test. Last week it reported that its third quarter revenues increased 74 percent year over year to $21.2 million. It also said that as of Sept. 30, it held $26.2 million in cash.