The company said RNA-seq will enable it to detect therapeutically relevant gene fusions better than DNA sequencing tests.
Abbott CEO Miles White is bullish on the firm's Alinity systems, while Quest and LabCorp see acquisitions as the likely result of further PAMA-related cuts.
The company will use the proceeds in part to develop its Next Generation Profiling offering to analyze cancer genomes, transcriptomes, and proteomes with clinical outcome data.
The company plans to submit its 650- to 700-gene panel, which will include microsatellite instability testing, to the FDA for approval as a companion diagnostic.
The firm has been developing several new tests that are based on its ADAPT aptamer profiling technology.
The Irving, Texas-based company claims that three of Foundation Medicine's cancer molecular profiling tests infringe five of its US patents.
There was a lot of growth in the precision medicine field in the past year, and some experts believe the FDA's decision to hold off on regulating LDTs could spur more innovation.