Personalis announced recently that it has priced its initial public offering of around 7.9 million shares of common stock at $17 per share.

The company has also granted the underwriters a 30-day option to purchase up to an additional 1.2 million shares at the public offering price, less underwriting discounts and commissions. If all the shares are sold, including the over-allotments, the company will raise about $154.9 million in gross proceeds.

Personalis had filed an amended prospectus with the US Securities and Exchange Commission earlier this month saying it expected to price the IPO at $14 to $16 per share. The company also said at that time that it planned to sell 6.7 million shares and that it was granting the underwriters the right to purchase an additional 1 million shares to cover over-allotments.

Personalis' shares are expected to begin trading on the Nasdaq Global Market today under the symbol PSNL. The offering is expected to close on June 24.

Morgan Stanley, BofA Merrill Lynch, and Cowen are acting as joint book-running managers for the offering. Oppenheimer is acting as co-manager for the offering.

The oncology genomics firm said in its SEC filing that it plans to use the proceeds from the offering to expand its research and development efforts; to support its infrastructure, facilities, headcount, sales and marketing efforts; and for capital expenditures and working capital. It may also use a portion of the net proceeds for acquisitions or strategic investments in complementary businesses, services, products, or technologies.

Menlo Park, California-based Personalis reported revenues of $37.8 million for the year ended Dec. 31, 2018, up from $9.4 million for the prior year. Its net loss shrank year over year to $19.9 million, or $6.49 per share, from $23.6 million, or $7.78 per share.

Personalis' universal cancer immunogenomics ImmunoID Next platform analyzes approximately 20,000 human genes, offering a multidimensional view of the tumor and tumor microenvironment from a single sample. The company is also developing a complementary liquid biopsy assay that analyzes all human genes.

In May, the company signed a research agreement with FLX Bio to use its Next platform to evaluate therapy-related changes in tumors of advanced cancer patients treated with FLX Bio's FLX475 drug. As part of the collaboration, FLX Bio will apply the Personalis assay in a patient cohort that is part of a Phase I/II clinical trial evaluating FLX475, a CCR4 antagonist, as monotherapy or in combination with pembrolizumab.

The Parker Institute for Cancer Immunotherapy also agreed in May to use the Next platform to investigate biomarkers of response to immunotherapies in clinical trial participants. The trials include melanoma, pancreatic, and all-comer solid tumor patients treated with checkpoint inhibitors, either as monotherapy or in combination with other cancer therapies.