The firm's blood-based Epi proLung lung cancer test looks for a combination of DNA methylation biomarkers.
The company will use the net proceeds to finance its current operations and expand its US commercialization capacities for its lead product, Epi proColon.
The drop off was attributed to unusually high revenues in Q2 2016 after a commercialization partner stocked up on Epigenomics' colon cancer test.
The change comes amid lower than expected revenues for the first half of this year, as well as an anticipated continued lack of reimbursement coverage in the US.
The company attributed the revenue decline to the conclusion of agreements with licensing partners for the sale of its products.
The revenue increase was driven by a 41 percent rise in product sales.
The company has agreed to a takeover bid that values it at roughly €171 million ($186.3 million).
VA patients will now have access to Polymedco's colorectal cancer screening products, including the Epigenomics Epi proColon.
The bill comes amid questions about the efficacy of Epigenomics' Epi proColon, the only blood-based cancer screening test approved in the US.
However, the task force stopped short of recommending the use of Cologuard or other molecular assays over a variety of well-established non-molecular testing methods.