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Invitae Announces $73.5 Million Private Placement Offering to Fuel Strategic Growth Opportunities and Reports Preliminary Second Quarter Financial Results

-- Increasing momentum in Invitae's business combined with offering proceeds position company to execute on near-term acquisition opportunities --

-- Preliminary second quarter results demonstrate strong volume, revenue growth --

-- Management raising guidance on 2017 volume to 120,000-130,000 samples --

SAN FRANCISCO, July 31, 2017 /PRNewswire/ -- Invitae Corporation (NVTA), one of the fastest growing genetic information companies, has entered into a definitive agreement to sell $73.5 million of Invitae stock in a private placement. The private placement is being led by existing investors with significant participation from multiple new investors. The placement is expected to provide Invitae with added resources and flexibility as it builds a comprehensive offering to accelerate the use of genetic information in mainstream medical care.

Net proceeds are intended to support general corporate purposes, and additionally, to support acceleration of Invitae's strategic growth plan, which includes actively pursuing acquisitions that can provide access to new markets, expansion of the company's test menu, and contribute positively to cash flow after two to three quarters.

Cowen and Company, LLC and Leerink Partners LLC are acting as joint placement agents for the transaction.

"Our strong balance sheet, ongoing volume and revenue growth position us...