RXDX Prices Offering At $6.25/Share

(RTTNews) - Ignyta Inc. (RXDX) has offered to sell 8.0 million shares of its common stock to the public at a price of $6.25 each.

The gross proceeds to the company from this offering are expected to be $50.0 million. Ignyta ended year-end 2015 with cash of $172.1 million.

The offering is expected to close on or about May 4, 2016. The underwriters have a 30-day option to purchase up to an additional 1.2 million shares of common stock.

The company's most-advanced compound is Entrectinib, which is designed as a targeted therapeutic candidate to treat tumors with specific gene rearrangements. Last September, the company initiated a phase II trial of Entrectinib, called STARTRK-2, in patients with solid tumors that harbor activating alterations to NTRK1, NTRK2, NTRK3, ROS1 or ALK.

RXDX closed Friday's trading at $6.92, up 1.91%.