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CareDx Closes $7.8M Public Offering

NEW YORK (GenomeWeb) – CareDx announced today that it has closed a previously announced $7.8 million public stock offering.

The molecular diagnostics company said it sold about 2.3 million shares of common stock at $4 per share. Piper Jaffray acted as sole manager for the offering.

When it announced plans for the offering a week ago, CareDx said it intended to use a majority of the $7.8 million in net proceeds to fund the continued development of AlloSure — its donor-derived cell-free DNA diagnostic for solid organ transplant recipients — including a clinical utility trial and future commercialization efforts. The rest of the funds will be used for working capital and general corporate purposes.

The company's shares rose nearly 1 percent to $3.65 in morning trading on the Nasdaq.