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The company holds a leading position in reproductive testing and is expected to rapidly grow its oncology business to address a total market of $21 billion.
The company is selling 4,166,666 shares of its common stock at a price of $60 per share in the offering, which is expected to close Sept. 15.
The company, which went public in June, has had to deal with issues with the US DOJ, and some private insurers. Its CEO's tenure at Sequenom was also marred by a scandal.
The organization had previously only recommended the use of noninvasive prenatal testing in individuals 35 and older or with other known risk factors.
During the second quarter, the company performed 75,017 tests for noninvasive prenatal testing, carrier screening, and SARS-CoV-2.
Revenue growth in Q2 was driven by strong sales of the company's Panorama noninvasive prenatal test and Horizon carrier screening test.
Coastal Genomics owns the Ranger gel electrophoresis technology to collect specific DNA target sizes, with applications in noninvasive prenatal testing and oncology.
As reported in April, revenues for the fiscal year ended March 31 totaled £16.6 million ($21.4 million), up from £8.9 million in FY2019.
Along with the federal settlement, the company will also pay an additional $13.2 million to settle civil claims by different state attorneys general.
The coverage comes after the women's health diagnostics firm went public last month, seeking up to $100 million in the offering.