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The company said its testing services revenues for the quarter rose nearly 120 percent year over year.

The company is currently conducting clinical studies to validate AlloSure's technology — which underlies its kidney transplant test — in lung transplant patients.

The investment bank said the company is strongly positioned as a leader in the transplant diagnostics market with tests that serve an unmet need.

A team led by researchers at the NHLBI are testing the efficacy of measuring ddcfDNA in blood as a biomarker of chronic rejection for lung transplants.

The company said 100 US transplant centers provided its AlloSure kidney transplant test to almost 3,400 patients in Q4.

The improvement in the 360Dx Index was modest compared to 2017, but it still outpaced the broader markets, which fell dramatically in the last month of the year.

November's modest gain followed a tough October, when the index down almost 9 percent. Meridian Bio paced the gainers, and NantHealth was the steepest decliner.

The firm intends to use the proceeds for working capital, general corporate purposes and the potential repayment of indebtedness.

The firm announced in October that had entered into an agreement with Jefferies to sell up to $50 million in shares from time to time.

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