Diagnostic Player, Veracyte, Inc. (VCYT), Pulls Off $65 Million IPO
10/31/2013 8:00:05 AM
SOUTH SAN FRANCISCO, Calif., Oct. 30, 2013 /PRNewswire via COMTEX/ -- Veracyte, Inc. announced today the pricing of its initial public offering of 5,000,000 shares of its common stock at a price to the public of $13.00 per share.
All of the shares of common stock are being offered by Veracyte. Veracyte has granted the underwriters a 30-day option to purchase up to 750,000 additional shares of its common stock at the initial public offering price to cover over-allotments, if any. The shares are expected to begin trading on the NASDAQ Global Market on October 30, 2013 under the symbol "VCYT". The offering is expected to close on November 4, 2013, subject to customary closing conditions.
Morgan Stanley and Leerink Swann are acting as joint book-running managers for the offering. William Blair and Cowen and Company are acting as co-managers.
The offering will be made only by means of a prospectus, copies of which may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, NY 10014, telephone: 1-866-718-1649, or email: firstname.lastname@example.org; or Leerink Swann LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, telephone: 1-800-808-7525 or email: Syndicate@Leerink.com.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on October 29, 2013. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction.
About Veracyte, Inc. Veracyte is focused on discovering, developing and commercializing molecular cytology solutions that enable physicians to make more informed treatment decisions at an early stage in patient care, thus helping patients avoid unnecessary invasive procedures while reducing healthcare costs. Veracyte's first commercial solution, the Afirma® Thyroid FNA Analysis, includes the Gene Expression Classifier (GEC). The GEC helps physicians reduce the number of unnecessary surgeries by employing a proprietary 142-gene signature to preoperatively determine whether thyroid nodules previously classified by cytopathology as indeterminate can be reclassified as benign. The clinical utility and cost effectiveness of the GEC have been demonstrated in studies published in peer-reviewed journals and the clinical validity of the GEC has been demonstrated in a study published in The New England Journal of Medicine in 2012. Since the commercial launch of Afirma in January 2011, Veracyte has processed over 50,000 fine needle aspiration (FNA) samples for evaluation using Afirma and has performed more than 10,000 GECs to resolve indeterminate cytopathology results. Veracyte has obtained positive coverage decisions for Afirma from Aetna, Humana, Medicare and UnitedHealthcare. Collectively, these payers represent more than 100 million covered lives. Afirma is marketed and sold in the United States through a global co-promotion agreement with Genzyme Corporation, a subsidiary of Sanofi.
Veracyte and Afirma are trademarks of Veracyte, Inc. This press release also contains trademarks and trade names that are the property of their respective owners.
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