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CareDx Goes Public, Anticipates up to $40M in Net Proceeds

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.

Formerly called XDx, the company previously filed for an IPO in 2007 but dropped those plans the following year.

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.