The firm plans to raise as much as $250 million, according to the document filed with the US Securities and Exchange Commission.
Foundation Medicine's ctDNA assay was able to subclassify patients into higher and lower recurrence risk groups with CTCs providing an additional boost.
The researchers used the Guardant360 assay and droplet digital PCR to identify genetic mutations in circulating tumor DNA that had been shed into the patients' bloodstream.
The team will present the results to the US Food and Drug Administration as part of a 510(k) application in order to commercialize the technology with Biofluidica.
The firm is offering 24.6 million shares of its common stock and warrants to purchase 24.6 million shares of stocks to financially support and expand its business.
The Australian company also plans to offer 72 million new shares to eligible existing shareholders to raise additional funds.
The test, which will be developed using the companies' respective technologies, will be marketed by Biolidics following clinical validation.
The Series A financing will go toward expanding access to its liquid biopsy-based test to more patients in Asia and North America, it said.
The company incurred a net loss of $5.2 million, or $.10 per share, slightly exceeding the $.09 per share loss that analysts had predicted on average.
The company said it intends to use net proceeds from the offering to support development and commercialization for its DetermaVu and Razor assays.
The San Diego-based company said that the number of commercial samples received during the quarter grew 66 percent year over year.
The company expects to launch Signatera for clinical use in colorectal cancer next year and has started to recruit a sales team for the assay.
The tubes and collection kits meet the requirements of the European In-Vitro Diagnostic Devices Directive, and the company can now commercialize the devices throughout Europe.
Lexent's NGS assay for monitoring response to treatment and minimal residual disease for solid tumors will eventually run on the Illumina NextSeq 550Dx.
The liquid biopsy firm reported revenues of $60.8 million for the quarter, easily surpassing the consensus Wall Street estimate of $45.4 million.
The company in partnership with the University of Edinburgh recently completed a trial of the test involving 400 patients.
The team will combine Akoya's Vectra Polaris system with Precision for Medicine's Apostream tool to validate companion diagnostics and assess drug efficacy.
The company said it will use the net proceeds for general corporate purposes and to fund ongoing operations and expansion of its business.
The approval allows the company to directly market and sell the CTC technology to labs and other institutions to develop and implement IVD tests.
Akadeum is currently developing a tool that involves microbubbles to deplete background molecules from circulating tumor cells in liquid biopsies.