Palo Alto-based precision oncology company Guardant Health, Inc. announced it has entered into a common stock purchase agreement with Edinburgh-based investment giant Baillie Gifford for the sale of 3.38 million shares of its common stock at $26.77 per share.

“Gross proceeds are approximately $90.7 million, before deducting expenses payable by Guardant Health,” said the Palo Alto firm.

“Guardant Health intends to use the net proceeds from the offering primarily for general corporate purposes, including working capital, operating expenses and capital expenditures.”

Helmy Eltoukhy, co-founder and co-CEO of Guardant Health, said: “We are proud to be supported by Baillie Gifford.

“At Guardant, we are driven by the impact our products have on patient outcomes each and every day, and look forward to Baillie Gifford’s continued support as we work to serve many more patients with our growing product portfolio.”

Brogan Harris of Baillie Gifford said: “We have deep conviction in Guardant’s ability to execute on the opportunity ahead.

“We look forward to a long-term partnership with Guardant’s team, as they work to continue to improve outcomes and transform patient lives across the continuum of care.”