The company said 571,000 people were screened for colon cancer with its noninvasive Cologuard test in 2017.
Alfa Scientific's iFOB test identifies human blood in feces, which may be a symptom of precancerous polyps and colorectal cancer.
Investors in Exact Sciences went on a selling spree after CellMax publicized data suggesting its test could outperform Cologuard for the early detection of colorectal cancer.
The company, which beat analyst estimates on both the top and bottom lines, said Cologuard test volume in Q3 2017 rose 136 percent year over year.
The funding will go toward bringing the BA100 test to clinicians. The test can identify patients most likely to respond to the standard of care chemotherapy treatment.
The company's reference lab in Marseille, France can now receive patient samples from certain states in the US for testing with the Immunoscore Colon test.
The proceeds from the offering will be used to fund the expansion of commercialization activities for the firm's colon cancer test, Cologuard.
The company, which beat Wall Street expectations on the top and bottom lines, said completed Cologuard test volume rose 150 percent over Q1 2016.
The investment bank said Exact has the opportunity to book $4 billion to $5 billion in revenues a year from its colon cancer screening test Cologuard.