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.
The company said it completed 82,000 Cologuard tests during the quarter, a 114 percent growth in test volume during the three-month period.
Inclusion in the program would mark an important step in the company's quest to make Cologuard a standard of care for colon cancer screening.
The company also reported it completed 244,000 Cologuard tests during 2016, a 134 percent increase from 2015.
The firm will use the investment to launch its breath biomarker R&D services and fund clinical trials.
The assay is to help clinicians assess the prognosis of primary colon cancer, in combination with the TNM classification and other clinical and biological features.
The Toronto company raised C$721,000 of its previously announced offering that targeted up to C$3 million.