NEW YORK (GenomeWeb News) – Veracyte today priced its initial public offering of 5 million shares at $13 per share.
The South San Francisco, Calif.-based firm is expected to begin trading today on the Nasdaq Global Market under the symbol "VCYT." It will realize gross proceeds of $65 million from the offering, though the underwriters of the IPO have a 30-day option to purchase 750,000 additional shares to cover any over-allotments.
Veracyte launched its first commercial products, the Afirma Thyroid FNA Analysis test, in early 2011. It combines cytopathology with the firm's Afirma Gene Expression Classifier gene expression test, which includes a 142-gene signature, for assessing thyroid nodule fine needle aspirate biopsies that are neither clearly benign nor malignant based on cytology review.
In a preliminary prospectus the firm said that it planned to use around $20 million of the proceeds for sales and marketing activities, including expansion of its sales force, $20 million for R&D, and the remainder for general and administrative expenses.
Morgan Stanley, Leerink Swann, William Blair, and Cowen & Co., were underwriters on the offering.