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Investors in the company, formerly known as Vermillion, have agreed to purchase $11 million in unregistered common stock at a price of $3.50 per share.
Revenues rose to $1.2 million on OVA1 test volumes of 3,654, up 58 percent from Q1 2019, as the company maintained growth despite the SARS-CoV-2 pandemic.
News items for the in vitro diagnostics industry for the week of April 13, 2020.
The company reported total revenues of $1.31 million, up from $922,000 in Q4 2018, and 3,854 OVA1 sales, up 93 percent from 1,996 a year ago.
The platform matches a patient's medical history and other data with national guidelines to recommended medically actionable genetic tests.
The company has seen a sharp rise in test revenues but still struggles with poor stock performance and could soon see new competition for OVA1.
The company posted $1.3 million in revenues with OVA1 test sales up 82 percent to 3,602 and revenue per test down 8 percent to $345.
The company reported sales of 3,129 OVA1 tests in the quarter, up 66 percent from 1,884 tests in the year-ago quarter.
The firm received a notice from Nasdaq on August 2 saying its stock had not met the $1-per-share closing bid price requirement for 30 consecutive business days.
The firm expect to raise gross proceeds of $15 million, or $17.25 million if the offering's underwriter exercises its option to purchase additional shares.