NEW YORK (GenomeWeb) – CareDx went public today with an initial public offering of 4 million shares of common stock at $10 per share.
The Brisbane, Calif.-based molecular diagnostics firm's began trading its shares on the Nasdaq under ticker symbol "CDNA". The $10 share price falls short of an earlier range of $15 to $17 per share that it said it anticipated fetching.
CareDx's shares were trading at $9.30 on Friday morning.
Net proceeds from the IPO are anticipated to be about $34.2 million and could rise to $39.8 million if the offering's underwriters — Piper Jaffray, Leerink Partners, Raymond James, and Mizuho Securities — exercise their overallotment options in full.
CareDx develops molecular diagnostic tools for monitoring heart transplant recipients. Its lead service called AlloMap is a blood-based test for monitoring acute cellular rejection. AlloMap was cleared by the US Food and Drug Administration in 2008.