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Guardant Health Plans Public Offering of 4.5M Shares

NEW YORK (GenomeWeb) – Guardant Health said after the close of the market Monday that it has commenced a public offering of up to 4.5 million shares of its common stock. In addition, the company expects to grant underwriters a 30-day option to purchase an additional 675,000 shares.

JP Morgan Securities and BofA Merrill Lynch are serving as joint lead book-running managers. A registration statement related to the securities has been filed with the SEC but is not yet effective.

In its preliminary filing, the company estimated net proceeds from the offering would be $327.2 million, or approximately $376.3 million if the underwriters exercise in full their option to purchase an additional 675,000 shares. The proceeds estimate is assuming a public offering price of $76.18 per share, the last reported sale price for the firm's common stock on the Nasdaq on May 17, 2019.

Guardant said it plans to use the proceeds for general corporate purposes, including working capital, sales and marketing activities, general and administrative matters and capital expenditures. The company could also use some of the money to fund its recently announced prospective colorectal cancer screening study.

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