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CareDx Prices $15.9M Stock Offering

NEW YORK (GenomeWeb) – CareDx today said that it has upsized and priced a previously announced public offering of its common stock, which is now expected to raise $15.9 million in net proceeds.

In September, the company filed with the US Securities and Exchange Commission to offer for sale 3 million of its shares. The firm had not yet priced its shares but said the proposed maximum offering price would be $2.72 per share, and that the proposed maximum aggregate offering price would about $9.4 million.

CareDx is now offering approximately 4.3 million shares at $4 per share. The company has also granted the underwriters a 30-day option to purchase up to 651,240 additional shares to cover any overallotments.

The firm said it intends to use the net proceeds from the offering for working capital and general corporate purposes.

Craig-Hallum Capital Group is acting as sole book-running manager for the offering, and HC Wainwright is acting as comanager. CareDx expects to close the offering on or about Oct. 9.

About a year ago, the company closed on a $7.8 million public offering of its common stock.

CareDx's shares were up 38 percent to $6.09 in afternoon trading on the Nasdaq.