CareDx Announces Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

CareDx (Nasdaq: CDNA) announced the full exercise of underwriters' option to purchase an additional 585,937 shares at $32.00 per share, resulting in net proceeds of approximately $17.6 million. This follows a public offering of 3,906,250 shares, which closed on June 15, 2020. With the additional shares, CareDx has sold a total of 4,492,187 shares, generating total net proceeds of around $134.7 million after expenses. The offering was managed by Goldman Sachs & Co. LLC and Jefferies LLC, among others.

Positive

• Successful completion of public offering raising approximately $134.7 million in net proceeds.
• Full exercise of underwriters' option reflects strong demand for shares.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., June 18, 2020 (GLOBE NEWSWIRE) -- CareDx, Inc. (Nasdaq: CDNA), a leading precision medicine company focused on the discovery, development and commercialization of clinically differentiated, high-value healthcare solutions for transplant patients and caregivers, today announced that the underwriters of its previously announced public offering of common stock have exercised in full their option to purchase an additional 585,937 shares of common stock at the public offering price of $32.00 per share, less underwriting discounts and commissions, for additional net proceeds to CareDx of approximately $17.6 million.  The option was granted in connection with the public offering of 3,906,250 shares of common stock at a public offering price of $32.00 per share, which closed on June 15, 2020.

After giving effect to the exercise in full of the underwriters’ option, the total number of shares sold by CareDx in the public offering was 4,492,187 shares and the net proceeds to CareDx were approximately $134.7 million, after deducting underwriting discounts and commissions and estimated offering expenses.

Goldman Sachs & Co. LLC and Jefferies LLC acted as joint book-running managers for the offering.  BTIG, LLC and Craig-Hallum Capital Group acted as co-managers for the offering.

The securities described above were offered by CareDx pursuant to a shelf registration statement on Form S-3ASR (File No. 333-239049) previously filed with the Securities and Exchange Commission (the “SEC”) on June 9, 2020, which became effective immediately upon filing pursuant to SEC rules. A final prospectus supplement and accompanying prospectus related to the offering was filed with the SEC on June 11, 2020 and are available on the SEC’s website at www.sec.gov.  Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by e-mail at prospectus-ny@ny.email.gs.com or by telephone at (866) 471-2526; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by e-mail at prospectus_department@jefferies.com or by telephone at (877) 821-7388.

This press release does 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 or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About CareDx
CareDx, Inc., headquartered in South San Francisco, California, is a leading precision medicine solutions company focused on the discovery, development and commercialization of clinically differentiated, high-value healthcare solutions for transplant patients and caregivers. CareDx offers products, testing services and digital healthcare solutions along the pre- and post-transplant patient journey, and is the leading provider of genomics-based information for transplant patients.

Forward Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are based upon information that is currently available to CareDx and its current expectations, speak only as of the date hereof, and are subject to numerous risks and uncertainties, including risks associated with market conditions, as well as general economic and market factors, among others discussed in CareDx’s filings with the SEC, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed by CareDx with the SEC on February 28, 2020 and the periodic reports that CareDx has subsequently filed with the SEC, and the prospectus supplement related to the offering filed with the SEC on or about the date hereof. Any of these may cause CareDx’s actual results, performance or achievements to differ materially and adversely from those anticipated or implied by CareDx’s forward-looking statements. CareDx expressly disclaims any obligation, except as required by law, or undertaking to update or revise any such forward-looking statements.

CONTACTS:
Investor Relations
Greg Chodaczek
347-620-7010
investor@caredx.com

FAQ

What is the recent update on CareDx's public offering?

CareDx announced the full exercise of underwriters' option to purchase an additional 585,937 shares at $32.00 per share, raising approximately $17.6 million.

How much total capital did CareDx raise from their public offering?

CareDx raised a total of approximately $134.7 million in net proceeds from the public offering.

Who were the underwriters for CareDx's recent offering?

Goldman Sachs & Co. LLC and Jefferies LLC acted as joint book-running managers for the offering.

When did CareDx's public offering close?

The public offering closed on June 15, 2020.

What is the stock symbol for CareDx?

The stock symbol for CareDx is CDNA.