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.
The genomic testing firm beat the consensus top line estimates by reporting Q4 2017 revenues of $19.6 million and full-year 2017 revenues of $72.0 million.
The former commissioner of the FDA has returned to the venture capital firm New Enterprise Associates as a special partner on the healthcare investment team.
Astronauts have edited yeast genes on the International Space Station in an experiment designed to show how cells repair themselves in space.
Emory University has found that two of its researchers failed to divulge they had received funds from China, according to the Atlanta Journal-Constitution.
In Science this week: influence of the nuclear genome on human mitochondrial DNA, and more.