The new coverage decisions follow updated recommendations from the US Preventive Services Task Force on colorectal cancer screening.
The molecular diagnostics company said it will use the proceeds to continue commercializing its Cologuard colorectal cancer test, and to develop new products.
The company said it completed about 54,000 Cologuard tests in Q2, and that the cumulative number of physicians ordering the test since its launch has risen to 41,000.
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.
The colon cancer screening test is now covered in-network by the insurance company in Indiana, Ohio, Kentucky, Missouri, and Wisconsin.
The Swiss firm's assay combines a 29-gene host immune response panel with two tumor-derived proteins to detect early-stage colorectal cancer and large adenomatous polyps.