The assay, being developed in partnership with Johnson & Johnson, will complement computed tomography imaging by combining 26 genes and clinical variables for lung cancer detection.
For the three months ended Sept. 30, the firm reported total revenues of $31.0 million, beating analysts' average estimate of $30.1 million.
For the three months ended June 30, the genomic testing firm reported total revenues of $30.1 million.
Other big gainers last month included Accelerate Diagnostics and Natera, and share prices of 23 of the 27 companies in the index increased month over month.
Get the latest news from Bruker, Veracyte, Natera, VolitionRx, Celcuity, Genome Diagnostics, Verogen, iGene Labs, and Danaher for the week of 5/10/19.
The company plans to offer 5.5 million shares of its common stock at $23.25 per share, raising around $127.9 million.
The company will use the proceeds for working capital and to repay around $12.4 million of its term loan.
The company plans to present early data this year from its collaboration with Johnson & Johnson to develop a nasal swab-based lung cancer genomic classifier.
The company increased its 2019 revenue forecast and shrunk its net loss significantly in its push to become cash flow breakeven by the end of the year.
The test is based on RNA sequencing and is used to differentiate between idiopathic pulmonary fibrosis and other lung diseases in order to avoid surgery.