CareDx raises $40 million in IPO

Molecular diagnostics company CareDx Inc. (NASDAQ:CDNA) raised $40 million through the sale of 4 million shares at $10 in an IPO. The price values the company at $115.7 million. Earlier this month, CareDx said it planned to sell 3.1 million shares at $15-$17 in the offering. Piper Jaffray; Leerink Partners; Raymond James; and Mizuho Securities are underwriters.

CareDx markets its AlloMap Molecular Expression Test -- a non-invasive multi-gene expression profiling blood diagnostic -- in the U.S. and EU as an aid in identifying heart transplant recipients with stable allograft function who have a low probability of moderate/severe acute cellular rejection. The company had 2013 revenues of $22.1 million. ...