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Veracyte

For the three months ended June 30, the genomic testing firm reported total revenues of $30.1 million.

The company plans to offer 5.5 million shares of its common stock at $23.25 per share, raising around $127.9 million.

The company will use the proceeds for working capital and to repay around $12.4 million of its term loan.

The company plans to present early data this year from its collaboration with Johnson & Johnson to develop a nasal swab-based lung cancer genomic classifier.

The company increased its 2019 revenue forecast and shrunk its net loss significantly in its push to become cash flow breakeven by the end of the year.

The test is based on RNA sequencing and is used to differentiate between idiopathic pulmonary fibrosis and other lung diseases in order to avoid surgery.

The study supports the use of Envisia to help with the diagnosis of idiopathic pulmonary fibrosis, particularly in patients without a clear radiological result.

Natera and Veracyte both received positive news regarding local coverage determinations from Medicare contractors, while the catalysts for Fluidigm's rise were unclear.

The LCD will enable coverage of Envisia in patients for whom imaging does not lead to a definitive diagnosis of idiopathic pulmonary fibrosis.

The company posted $25.8 million in revenues for the quarter, up from $19.6 million a year ago, as total genomic test volume grew 28 percent to 9,154 tests.

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