RNA-seq

Caris will use its whole-transcriptome sequencing assay and Molecular Intelligence Trials service to identify patients for a phase II clinical trial.

The company plans to offer 5.5 million shares of its common stock at $23.25 per share, raising around $127.9 million.

The company will use the proceeds for working capital and to repay around $12.4 million of its term loan.

The test is based on RNA sequencing and is used to differentiate between idiopathic pulmonary fibrosis and other lung diseases in order to avoid surgery.

The study supports the use of Envisia to help with the diagnosis of idiopathic pulmonary fibrosis, particularly in patients without a clear radiological result.

The LCD will enable coverage of Envisia in patients for whom imaging does not lead to a definitive diagnosis of idiopathic pulmonary fibrosis.

The company posted $25.8 million in revenues for the quarter, up from $19.6 million a year ago, as total genomic test volume grew 28 percent to 9,154 tests.