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CareDx Prices $49M Common Stock Offering

NEW YORK (GenomeWeb) – CareDx announced today that it plans to sell 2 million shares of its common stock in a public offering and expects to raise about $49 million in proceeds.

The firm has priced the offering at $24.50 per share and has granted the underwriters a 30-day option to purchase up to an additional 300,000 shares. Net proceeds from the offering are expected to be approximately $45.9 million after deducting underwriting discounts and commissions. The offering is expected to close on or about Nov. 16.

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

In October, the Brisbane, California- based diagnostics company filed a shelf registration with the US Securities and Exchange Commission in which it said it had entered into an agreement with Jefferies to sell up to $50 million in shares of its common stock from time to time. This public offering is now being made pursuant to that shelf registration, the company said.

In its newest SEC filing, CareDx said it intends 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 firm's shares rose nearly 6 percent to $26.97 in morning trading on the Nasdaq.