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Veracyte Prices $30M Public Offering

NEW YORK (GenomeWeb) – Veracyte announced today that it has priced a public offering of 5 million shares of its common stock at $6 per share, for gross proceeds of $30 million.

The offering’s underwriters have also been granted a 30-day option to buy an additional 750,000 shares at the public offering price, minus underwriting discounts and commissions.

Veracyte said it would use the net proceeds of the offering for working capital and other general corporate purposes. A portion of the funds may also be used to acquire or invest in complementary businesses, technologies, or other assets, the company added.

The offering is expected to close on or about Nov. 7. 

The company is also expected to report its third quarter earnings on Nov. 3. Last month, it released its preliminary Q3 financial results, projecting a 51 percent jump in revenues on higher sales and gains made with payors for its Afirma gene expression classifier thyroid test.

During midday trading on the Nasdaq, shares of the molecular diagnostics firm were down nearly 15 percent to $6.08.