Guardant said Guardant360 is the first liquid biopsy permitted by New York's CLEP, and the approval means the test can be ordered in all 50 states.
The coverage decision limits the test to patients with advanced lung cancers who haven't been genomically profiled and who can't receive tissue-based testing.
The money will fund a new plan to sequence tumor DNA from more than 1 million cancer patients. The firm also announced a new JV in Asia, the Middle East, and Africa.
The Palo Alto-based firm plans to use the money to further validate its non-invasive, early cancer detection technology.
Executives provided updates on their companies at the 35th Annual JP Morgan Healthcare Conference in San Francisco, CA, Day 3.
The results indicate that while blood-based assays can be useful, tissue biopsies should remain the gold standard when available, said one of the study authors.
The company added three genes to its panel and said it has improved its detection limits, although validation data for these new performance numbers is not yet published.
Representatives from industry, academia, the FDA, and insurance companies gathered for a joint FDA- and American Association for Cancer Research-sponsored workshop.