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Guardant Health said this week that it closed an initial public offering of approximately 14.4 million shares of its common stock at $19 per share, raising gross proceeds of about $273.1 million.
The study supports the use of liquid biopsy tests to guide treatment decisions, especially in patients who can't be biopsied, or don't have enough tissue available for standard testing.
The expected gross proceeds are more than double what the firm proposed as its original goal for the offering when it filed plans to list its shares in September.
The company said it plans to list its stock on the Nasdaq under the ticker symbol GH.
A Samsung University team found that mutation load measured with the Guardant360 liquid biopsy assay predicted response as well as tissue-based TMB.
Under the terms of the settlement, the lawsuit, counterclaims, and challenges to the patent in inter partes review have been dismissed.
The coverage decision limits the test mainly to patients with advanced lung cancers who haven't been genomically profiled and who can't receive tissue testing.
The German drugmaker plans to advance the NSCLC treatment in parallel with tissue-based and liquid biopsy companion assays that can identify best responders.
The recent agreement between Freenome and Biognosys suggests a role for proteomics as developers of genomic-based cancer detection tests look beyond ctDNA.
The companies also agreed to establish a working group to explore the development of standard formulas and definitions for the validation of genomic profiling assays.