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The company is commercializing a genome-wide sequencing method called MRDetect, developed by researchers at the New York Genome Center and Weill Cornell Medicine.
The firm touts a new hybridization probe design, which it says will enable small, focused panels that reduce sequencing costs and assay time.
The New York-based firm will use the funding to develop and clinically validate its personalized, real-time tool for monitoring recurrence and treatment response for various sold cancer types.
The company, along with Softbank Investment Advisers, is offering a total of 11.5 million shares of its common stock at $84 per share.
In the near term, the firm will launch a laboratory-developed, late-stage lung cancer assay out of its lab in Palo Alto.
The company enters a race to the clinic with several direct competitors, including Guardant Health and CellMax Life, as well as other firms pursuing multi-cancer screening.
Under the agreement, NeoGenomics will also make a $25 million equity investment in Inivata with an option to buy the company outright.
ArcherDx will develop sequencing-based circulating tumor DNA assays for use in AstraZeneca's recently launched Phase III MERMAID-1 trial of durvalumab (Imfinzi).
The Minneapolis-based firm believes the assay can successfully serve as a clinical indicator for patients at risk of developing high-grade prostate cancer (HGPC), thereby improving prostate cancer management.
The firm expects to launch a 510(k)-cleared version of its Bladder EpiCheck recurrence assay early next year followed by an RUO early-stage lung cancer assay.
The company was able to increase its total revenue and test revenues despite accessioning fewer samples and fewer billable samples during the quarter.
The company is creating a high-throughput NGS test for healthcare workers and the underserved, and to support viral surveillance programs for large employers.
The firm's precision oncology testing revenue more than doubled to $60.2 million, while its development services revenues contracted 7 percent.
Investigators reported on detection rates for cancers and precancers in a group of 350 individuals presenting for standard of care colonoscopy.
The Shanghai-based molecular diagnostics firm is working with the Shanghai Zhongshan Hospital and other medical centers to enroll patients into the PREDICT trial.
The company said the funds will support the continued development and commercialization of its genome-wide methylation assay for multi-cancer early detection.
Customer site shutdowns, particularly in the last several weeks of the quarter, negatively impacted sales by about 3 percent, the firm said.
At the AACR annual meeting, researchers shared detection rate data for multi-cancer screening tests from Grail and Thrive Earlier Detection.
The company said it can now market test kits for both liquid biopsy and FFPE samples to labs in the EU and other participating geographies.
The company plans to use the proceeds to support a variety of general expenses, including research and development, administration, sales, marketing, and capital expenditures.