Veracyte will offer 5 million shares at $10.25 per share. It has granted underwriters an option to purchase an additional 750,000 shares.
The firm beat analysts' consensus estimates on both the top and bottom lines, and it raised its 2018 annual revenue guidance.
The company will work with researchers at UCSD's Moores Cancer Center on two studies of patients with breast, lung, and colon cancers.
The firm has begun validating its porphyrin molecule marker test for use with flow cytometry at four sites and anticipates adding four, or more, to complete the validation.
Researchers have developed a four-protein panel for identifying patients with a history of smoking who are at high risk of being diagnosed with lung cancer.
The coverage decision limits the test mainly to patients with advanced lung cancers who haven't been genomically profiled and who can't receive tissue testing.
The company is confident about bringing the test to market despite potential future competition and views it as an easy fit for its existing sales channels.
The deal gives Biodesix an additional test in the lung cancer space, Indi's XL2, which helps to classify lung nodules identified by imaging scans as benign or malignant.
As the firm continues to move toward commercialization of its test, its loss dropped to $3.8 million, or $.12 per share, from $4.7 million, $.16 per share, in the same period last year.
Presentations largely reflected negatively on the utility of PD-L1 for stratifying response, but pivotal new data on tumor mutational burden as assessed by Foundation Medicine's genomic sequencing panel.