Business
Veracyte Provides Statement on Impact of Events Surrounding Silicon Valley Bank
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Veracyte, Inc. (Nasdaq: VCYT) outlined the company’s cash, cash equivalents and short-term investment status
About this update from Veracyte, Inc.
[{"type":"text","content":" SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--\nVeracyte, Inc. (Nasdaq: VCYT) outlined the company’s cash, cash equivalents and short-term investment status in light of the events surrounding Silicon Valley Bank (SVB).\n\nAs of December 31, 2022, the company had $178.9 million in cash, cash equivalents and short-term investments. The majority of these assets are not restricted by the Federal Deposit Insurance Corporation’s (FDIC) action to take control of SVB. The company believes its currently accessible cash, cash equivalents and short-term investments will be sufficient to satisfy its operations and obligations.\n\nAbout Veracyte\n\nVeracyte (Nasdaq: VCYT) is a global diagnostics company whose vision is to transform cancer care for patients all over the world. We empower clinicians with the high-value insights they need to guide and assure patients at pivotal moments in the race to diagnose and treat cancer. Our high-performing tests enable clinicians to make more confident diagnostic, prognostic and treatment decisions for some of the most challenging diseases such as thyroid, prostate, breast, bladder and lung cancers, as well as interstitial lung diseases. We help patients avoid unnecessary procedures and speed time to diagnosis and appropriate treatment. In addition to making our tests available in the U.S. through our central laboratories, we also aim to deliver our tests to patients worldwide through a distributed model to laboratories that can perform them locally. Veracyte is based in South San Francisco, California. For more information, please visit www.veracyte.com and follow the company on Twitter (@veracyte).\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis press release contains forward-looking statements, including, but not limited to our statements related to our plans, objectives, expectations (financial and otherwise). Forward-looking statements can be identified by words such as: “appears,” \"anticipate,\" \"intend,\" \"plan,\" \"expect,\" \"believe,\" \"should,\" \"may,\" \"will,\" “positioned,” “designed” and similar references to future periods. Examples of forward-looking statements include, among others, that the company believes its currently accessible cash, cash equivalents, and short-term investments will be sufficient to satisfy its operations and obligations. Additional factors th...