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Genomic Health Inc. is an oncology-based biotech company focused on the development and commercialization of genomic-based clinical diagnostic tests for cancer that allow physicians and patients to make individualized treatment decisions. The company's first product, Oncotype DX, is used for early stage breast cancer patients to predict the likelihood of cancer recurrence, the likelihood of patient survival within 10 years of diagnosis and the likelihood of chemotherapy benefit. All tumor samples are sent to the company's laboratory in Redwood City, California for analysis. Upon generation and delivery of a Recurrence Score report to the physician, the company generally bills third-party payers for Oncotype DX. The list price of the test is $3,650. The company is also developing a genetic test to determine the correlation between gene expression and colon cancer recurrence in patients.
On October 4, 2005, the company completed an initial public offering of 5 million shares of its common stock at $12.00 per share. Net proceeds from the offering after deducting underwriting discounts, commissions and expenses were $53.5 million. On the closing of the company's initial public offering, all of the convertible preferred stock outstanding automatically converted into 16.2 million shares of common stock and a dividend of 0.65 million common share was distributed to stockholders. An additional $5.0 million was raised on October 4, 2005, through the private sale of 0.42 million shares of common stock to Incyte Corporation, a related party. Again in May 2007, the company issued 3.45 million shares of its common stock, including the fully exercised over-allotment option, at $15.50 per share. The net proceeds from this offering are approximately $49.7 million. Genomic Health was founded in 2000 and is headquartered in Redwood City, California.
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