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Validation results presented at the Association for Molecular Pathology meeting demonstrate that the test can be implemented clinically, replacing existing FISH and PCR assays.
The company believes it can overcome its challenges, and highlighted strong continued interest from pharma despite a disappointing end to its Merck deal.
The company saw total revenues of $27 million and product revenues of $16.9 million, as it had estimated in preliminary earnings report last month.
In a note, Cowen analyst Doug Schenkel said the company has had trouble meeting its targets and suggested it pursue a strategic sale of its nCounter platform.
The firm estimated that its total revenue in the quarter was $25.9 million to $26.9 million with only $16.9 million coming from products and services.
Their study suggests that commercial IHC assays for PD-L1 can yield compatible and transferrable results if handled appropriately.
The biggest losers following the release of the preliminary PAMA rates may be Quest and LabCorp, analysts said today.
The company said that more than 95 percent of eligible early-stage breast cancer patients can now have the test paid by insurance.
The shelf registration follows a recent $56.5 million financing and comes amid an expansion of the firm's commercial operations.