Ignyta Inc., a San Diego-based biotechnology company developing precision medicine to treat cancer patients, this week completed an initial public offering raising a total of $55.2 million.

The public offering and later sales to underwriters totaled 6,031,750 shares at a price of $9.15 per share. The stock is traded on NASDAQ.

Ignyta is developing precision medicine for treating cancer patients. Its goal is to discover and develop new drugs that target activated genes in cancer cells.

The company’s current focus is on the development of RXDX-101, a drug that targets solid tumors. In February the company filed an application with the U.S. Food and Drug Administration for testing.

The company was founded in 2011 and has offices in Sorrento Valley.

— From an Ignyta press release

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Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.