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CareDx to Repurchase up to $50M of Common Stock

NEW YORK – CareDx on Tuesday announced a program to repurchase up to $50 million of its common stock over a 24 month period.

The Brisbane, California-based company may purchase these shares on a discretionary basis through open market repurchase, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans, or via other techniques, it said.

CareDx will fund purchases from its existing cash and cash equivalents or future cash flow and is not obligated to acquire a specified number of shares. The company may also modify, suspend, or discontinue the program at its discretion.

CareDx recently announced third quarter cash and cash equivalents of $83.0 million and $208.3 million in marketable securities.

In Tuesday morning trading on the Nasdaq, CareDx shares were up approximately 8 percent, to $13.55 per share.