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The firm said it anticipates using the financing for further commercialization and expansion of its infectious disease testing vertical, among other activities.

The company, which is developing an assay for the 2019-nCoV coronavirus, is offering about 3.5 million shares of its common stock at $1.45 per share.

The Seattle-based immune sequencing firm will not receive any proceeds from the sale of the shares.

The immune sequencing firm announced preliminary full-year 2019 revenues in the range of $84 million to $85 million, an increase of approximately 52 percent.

The company recently changed its name from Interpace Diagnostics as it expands its focus to include drug discovery and development services.

The company will use the proceeds to strengthen its balance sheet and support the commercial launch of new products and development activities over the coming year.

The firm is offering  24.6 million shares of its common stock and warrants to purchase 24.6 million shares of stocks to financially  support and expand its business.

The Tucson, Arizona-based company previously raised $20 million through a public offering of its shares and a purchase deal with certain investors.

The genetic testing firm is offering approximately 2.3 million shares at $11.25 per share and plans to use the funds for general corporate purposes.

The company said it will use the net proceeds for general corporate purposes and to fund ongoing operations and expansion of its business.

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