Invitae | GenomeWeb

Invitae

San Francisco Ferry Building

Executives provided updates on their companies at the 35th Annual JP Morgan Healthcare Conference in San Francisco.

The company also reported that it delivered 57,000 billable tests in 2016 and grew test volume by 200 percent year over year.

Invitae will test 1,000 breast cancer patients from TME practices using its hereditary cancer test, regardless of whether they meet current eligibility criteria.

The new assay, called the CellMax-DNA Genetic Cancer Risk Test, will complement CellMax Life's planned slate of liquid biopsy assays for early cancer detection.

The company also increased the expected gross proceeds from the offering to $44 million from a previous estimate of $40 million. 

An underwriter will also have a 30-day option to buy as much as $6 million shares of common stock at the public offering price.

In addition to Illumina and Thermo Fisher, the investment bank reinitiated coverage of Bruker, Invitae, Agilent, Waters, and T2 Biosystems.

The firm reported $6.3 million in third quarter revenues compared to $2.2 million in the year ago period, but fell short of the consensus Wall Street estimate of $7.5 million.

The deal suggests the company is making steady progress toward its goal of signing coverage deals with all major private payors by year end.

"The idea is to open up a completely new market for bringing genetics into the lower-risk general population," Invitae CEO Randy Scott told GenomeWeb.

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