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Following the transaction, which values the company at roughly $1.2 billion and will provide cash proceeds of around $650 million, SomaLogic will list on the Nasdaq.

The funding adds to a $121 million raise the company announced last month and will go towards expanding and commercializing its SomaScan platform.

The firm has grown its SomaScan platform to measure 7,000 proteins and will have developed around 20 clinical tests on the platform by the end of the year.

The company said it will use proceeds from the round, which was led by Casdin Capital, to expand and commercialize its SomaScan platform and SomaSignal tests.

Other grant recipients include scientists from the University of Chicago, UCLA, UC Santa Barbara, and the University of Washington.

The new company, FonesLife, will use Somalogic's SomaScan technology for health monitoring and assessing patient illness risk.

The company announced that it would begin offering seven proteomic tests at Colorado doctors' practices with up to four more to launch by the end of the year.

The firm's plan to use its full 5,000-assay panel for clinical work has caused some to question how it can ensure all of these measurements are clinical grade.

Among the updates provided Wednesday, Quidel's CEO noted the firm's growing presence in point-of-care markets, while PerkinElmer discussed plans for its Vanadis test.

Excluding IPOs, the funding environment for private venture-backed financing Dx deals in the US and Europe was remarkably similar in 2018 to 2017, according to Silicon Valley Bank.