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Veracyte Raises $55.1M in Public Offering

NEW YORK (GenomeWeb) – Veracyte said today that it has closed its previously announced public offering of common stock, raising $55.1 million in net proceeds from the sale of nearly 5.8 million shares.

The South San Francisco, California-based developer of genomics-based diagnostics sold 5 million shares at $10.25 per share, as well as 750,000 additional shares it had granted to its underwriters under a 30-day purchase option at the offering price. Veracyte noted less than a week ago that it anticipated raising $51.3 million in gross proceeds.

The firm said proceeds will go toward working capital and other general corporate purposes. It may also use proceeds to acquire or invest in complementary businesses, technologies, or other assets.

Leerink Partners and William Blair acted as joint book-running managers for the offering and BTIG acted as lead manager.

Veracyte currently offers diagnostic tests for thyroid cancer, lung cancer and idiopathic pulmonary fibrosis. Last week, CEO Bonnie Anderson discussed the company's plans in the pharmaceutical space and said that its growing database of transcriptome data could drive future deals with biopharmaceutical companies interested in developing precision medicine therapies. The company also reported a 24 percent year-over-year increase in its Q2 revenues.

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