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Veracyte Plans Public Offering of Common Stock

NEW YORK (GenomeWeb) – Veracyte said after the close of the market on Tuesday that it is planning a public offering of 5 million shares of its common stock.

The molecular diagnostics firm will also grant underwriters a 30-day option to purchase up to 750,000 additional shares.

Veracyte said it plans to use the net proceeds for working capital and other corporate purposes, and that it may also use some of the proceeds to acquire or invest in complementary businesses or technologies.

Leerink Partners and William Blair will act as joint running managers for the offering and BTIG will be lead manager.

Earlier this week, Veracyte reported that its second quarter 2018 revenues climbed 24 percent to $22.8 million.

In Wednesday morning trading on the Nasdaq, the firm's stock was up nearly 2 percent to $11.28.