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Invitae Prices Public Offering at $6 Per Share

NEW YORK (GenomeWeb) – Invitae today priced its planned public offering of about 7.3 million shares of its common stock at $6 per share. 

The gross proceeds form the offering are expected to be $44 million, up from a previous estimate of $40 million, and will be used for working capital and other general corporate purposes, the San Francisco-based genetic testing firm said in a document filed with the Securities and Exchange Commission. Additionally, proceeds may go toward acquisitions of or investments in complementary businesses, assets, technologies, or intellectual property. 

JP Morgan is the sole book-running manager for the offering. Cowen is the co-manager. Invitae has granted the underwriters a 30-day option to purchase up to nearly 1.1 million shares of its common stock at $6 per share. 

The offering is anticipated to close on or about Nov. 22.