Veracyte has entered into a definitive agreement to sell approximately $40 million of its common stock in a private placement.
Under the agreement, the investors will purchase an aggregate of 4,907,975 shares of common stock at a purchase price of $8.15 per share, the closing stock price on April 22, 2015.
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The private placement was led by new and existing investors, including Broadfin Capital, Camber Capital, Deerfield, Longwood Capital Partners and venBio, among others.
The private placement is expected to close on or about April 27, 2015, subject to the satisfaction of customary closing conditions.
Veracyte intends to use the net proceeds from the placement to fund research and development, for product commercialization, and for working capital and general corporate purposes.
Veracyte had $25.8 million in cash at March 31, 2015.
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