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Biocartis

The firm said it raised €55.5 million to fund the expansion of its Idylla test platform, its sales and marketing activities, and other general corporate purposes.

The Belgium-based firm plans to use the proceeds to fund expansion of the Idylla test platform, sales and marketing activities, and additional general corporate purposes.

OraSure CEO Stephen Tang discussed the firm's plans for international expansion, while Meridian CEO Jack Kenny said the firm needs to develop a new MDx platform.

Japan's Nichirei will register Biocartis' Idylla MDx oncology products with the Japanese Ministry of Health, Labor and Welfare.

Genomic Health will have exclusive rights to develop and sell its Oncotype DX Genomic Prostate Score test on Biocartis' Idylla platform.

Belgian MDx firm Biocartis said this week that it is adjusting its guidance for 2018, increasing its projection for new instrument placements and narrowing its expectation for cartridge volume.

Researchers separately found that the assay had high concordance with other techniques in cancers including colorectal and endometrial carcinomas.

The firm reported a 69 percent increase in product sales, driven by a 102 percent jump in cartridge sales and jump in research revenues.  

The two firms will provide €14M ($16.2 million) of equity funding to commercialize the Idylla platform in the Chinese market.

The agreement will enable Biocartis to commercialize the EGFR S492R resistance mutation as part of its liquid and solid biopsy RUO assays.

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