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Veracyte will offer 5 million shares at $10.25 per share. It has granted underwriters an option to purchase an additional 750,000 shares.
Cigna began covering the company's ThyGeNext next-generation sequencing-based test for thyroid cancer risk assessment in 2017.
Veracyte anticipates that it can tap into the growing precision medicine market by leveraging its database of RNA sequencing data for thyroid and lung cancer.
The firm beat analysts' consensus estimates on both the top and bottom lines, and it raised its 2018 annual revenue guidance.
The tests have received coverage decisions from a number of Blue Cross Blue Shield plans this year including ones in California and New Jersey.
The study demonstrates that Veracyte's new test improves upon an earlier version in its ability to identify thyroid nodules that are likely to be benign.
The company beat the analysts' average estimate on the top line but missed it on the bottom line as it posted a net loss of $3.2 million.
The company recognized $20 million in Q1 revenues and grew its testing volume by 18 percent.
The payor published positive medical policy coverage for the ThyGenX and ThyraMir assays for thyroid nodules deemed indeterminate by standard cytopathological analysis.
Interpace said that its two thyroid tests are now covered for over 280 million patients nationwide including Medicare, Medicare Advantage, and national and regional health plans.