Invitae (NVTA) IPO Opens Up 9%

Today's IPO for Invitae Corporation (NYSE: NVTA) opened for trading at $17.50 after pricing 6,350,000 shares of its common stock at an initial offering price of $16.00 per share, for total gross proceeds of $101.6 million before deducting underwriting discounts and commissions and other offering expenses.

J.P. Morgan Securities LLC is acting as the sole book-running manager for the offering. Cowen and Company, LLC and Leerink Partners LLC are acting as co-managers.

Invitae’s (NYSE: NVTA) mission is to bring comprehensive genetic information into mainstream medical practice to improve the quality of healthcare for billions of people. Currently focused on hereditary cancers, Invitae’s goal is to aggregate most of the world’s genetic tests into a single service with higher quality, faster turnaround time and lower price than many single-gene tests today. The company currently provides a single diagnostic test comprising over 200 genes for a variety of genetic disorders associated primarily with cancer, but also covering cardiology, hematology, neurology and pediatrics.

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