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CareDx Plans $7.8M Public Offering of Common Stock

NEW YORK (GenomeWeb) – CareDx today priced a public offering of nearly 2.3 million shares of its common stock at $4 per share.

In a filing with the US Securities and Exchange Commission, the molecular diagnostics company said it intends to use a majority of the $7.8 million in net proceeds from the offering to fund the continued development of AlloSure — its donor-derived cell-free DNA diagnostic for solid organ transplant recipients — including a clinical utility trial and future commercialization efforts. The rest of the funds will be used for working capital and general corporate purposes.

CareDx said it will also grant the underwriters a 30-day option to buy up to 337,500 additional shares, about 15 percent of the total offering. Piper Jaffray is acting as sole manager for the offering.

CareDx shares were down nearly 11 percent at $3.84 in Wednesday morning trading on the Nasdaq.