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The company uses next-generation sequencing data to track the health of transplanted organs and stem cells over time.
The company is also continuing to expand its digital technology offering to help clinicians track their patients' health more easily.
The company reported $58.6 million in total revenues for the quarter and said testing services revenues rose 73 percent year over year.
The test was previously cleared by the FDA for use with ethylenediaminetetraacetic acid plasma samples to manage BK virus in transplant patients.
The test, which was developed by researchers at the Cleveland Clinic and the University of Alabama, looks for RNA molecules in urine that indicate rejection.
The researchers hope that donor-derived cell-free DNA testing to monitor rejection can help relieve racial disparities in heart transplant outcomes.
The company said it will use the net proceeds from the offering for working capital and general corporate purposes.
Last year, the company processed more than 1 million tests, most of them for its reproductive health business, but interest in Prospera and Signatera is growing.
CareDx expects fourth quarter revenues of $58.4 million to $58.6 million, an increase of approximately 63 percent compared to $35.8 million in Q4 2019.
The test will identify more than 100 pathogens, as well as drug resistance in viruses and bacteria.