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Veracyte

The company said proceeds will be used for working capital, and may also be used to acquire or invest in complementary businesses or technologies.

Veracyte will offer 5 million shares at $10.25 per share. It has granted underwriters an option to purchase an additional 750,000 shares.

Veracyte anticipates that it can tap into the growing precision medicine market by leveraging its database of RNA sequencing data for thyroid and lung cancer. 

The firm will use the proceeds for working capital, but said it may also acquire or invest in complementary technologies or businesses.

The firm beat analysts' consensus estimates on both the top and bottom lines, and it raised its 2018 annual revenue guidance.

The study demonstrates that Veracyte's new test improves upon an earlier version in its ability to identify thyroid nodules that are likely to be benign.

The Envisia test uses RNA sequencing and machine learning to diagnose idiopathic pulmonary fibrosis.

The company recognized $20 million in Q1 revenues and grew its testing volume by 18 percent.

Veracyte will use its Afirma assay to analyze thyroid cancers and inform Loxo's drug development pipeline for targeted therapies.

The company plans to launch an RNA sequencing-based test to help subtype and determine treatment for thyroid cancer, and a test to detect noninvasive lung cancer.

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