The firm will use the proceeds for working capital and other general corporate purposes, with the potential to acquire or invest in complementary businesses, technologies, or assets.
MaviDx will develop, validate, secure regulatory approvals for, and commercialize its SARS-CoV-2 and other infectious disease tests, including for influenza, on Veracyte's nCounter system.
The GenomeWeb Index rose more than 9 percent in May, following an 18 percent climb in April, a marked contrast to its negative performance in February and March.
The agreement marks Veracyte's first deal to expand the testing menu on the nCounter instrument since it acquired the rights to the platform from NanoString in December.
For the three months ended Mar. 31, the firm reported total revenues of $31.1 million compared to $29.5 million in Q1 2019, beating analysts' average estimate of $30.6 million.
Veracyte has obtained rights to a 52-gene signature developed by Yale researchers to predict disease progression in patients with idiopathic pulmonary fibrosis.
The company expects Q1 revenues to be in the range of $30.5 million to $31.5 million compared to $29.5 million in the year ago period, due to an increase in its testing volume.
