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Invitae Commences $40M Public Stock Offering

NEW YORK (GenomeWeb) – Invitae has commenced an underwritten public offering of $40 million worth of shares of its common stock, the company said yesterday.

All shares of common stock are offered by Invitae before deducting underwriting discounts, commissions or other expenses. JP Morgan Securities is the book-running manager for the offering.

Invitae said it will offer the underwriter a 30-day option to buy an as much as $6 million of shares of its common stock at the public offering price, less underwriting discounts and commissions.

"The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering," Invitae said in a statement.

Earlier this month Invitae reported a nearly threefold increase in third quarter revenues driven by 200 percent year-over-year growth in test volume. The company also noted that year to date it has inked reimbursement contracts with five national payors resulting in 160 million lives covered for its tests.

In early morning trading on the New York Stock Exchange Invitae's stock was down almost 8 percent to $7.85.