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BCBS of Louisiana covers around 1.45 million lives. The agreement follows decisions by Louisiana TriCare, Medicare, and Medicaid plans to cover OVA1.

The company also signed OVA1 coverage agreements with Michigan's Joint Venture Hospital Laboratories and Arkansas' QCA Health Plan.

The company said the funds will be used for general corporate purposes as well as, potentially, for investments in complimentary businesses or technologies.

With the agreement, which is effective January 1, 2018, OVA1 is covered through TriCare for more than 9.4 million lives, the company said.

The number of OVA1 tests performed increased only slightly year-over-year, but revenue per test increased 51 percent to $356 from $236 the year before.

Rising per test revenues and a slowing cash burn suggest a plausible path to profitability, but to get there the company will likely need to boost sales volume.

The company's revenues rose to $726,000 from $505,000 in the year-ago quarter, as revenue per OVA1 test performed jumped 33 percent while volume remained flat.

The company posted an 11 percent year-over-year decline in OVA1 sales but more than doubled its average revenue per test, to $301 from $143 in Q4 2015.

The firms extended their OVA1 commercialization agreement an additional year while adding procedures for verifying the number of tests performed under the deal.

The company obtained out-of-state provider status from California's Medicaid program for its OVA1 test, giving it access to more than 12 million patients.