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CareDx Plans Common Stock Offering of 3M Shares

NEW YORK (GenomeWeb) – In a recent filing with the US Securities and Exchange Commission, CareDx said it intends to offer for sale 3 million of its shares of common stock.

The firm has not yet priced its shares but said the proposed maximum offering price will be $2.72 per share. The proposed maximum aggregate offering price is about $9.4 million, it added.

The firm has also granted the unnamed underwriters a 30-day option to purchase up to 450,000 additional shares of common stock at the public offering price to cover any over-allotments.

CareDx said it will use the net proceeds from the offering for working capital and general corporate purposes, and that it may use a portion of the proceeds to acquire, invest in, or license complementary products, technologies, or businesses, should such opportunities arise. "Pending use of the proceeds from this offering as described above, we intend to invest the net proceeds of this offering in short-term, interest-bearing, investment-grade securities or certificates of deposit," the firm added in its filing.

Once the offering is complete, CareDx said it will have 24.4 million shares outstanding. About a year ago, the company closed on a $7.8 million public offering of its common stock.

The firm's shares were down nearly 4 percent to $2.70 in midday trading on the Nasdaq.