The privately held Cambridge, UK-based company announced earlier this month that it had raised an additional £11 million to support the commercialization of its platform.
The firm priced its offering at $2.40 per share and expects to raise $8.4 million in gross proceeds. It plans to use the funds for product development, clinical studies, and product development.
The company can now offer to Florida residents its products, which include the fecal immunochemical tests, Insure FIT and Insure One, and the ctDNA test Colvera.
The financing will be used by the company to bring its breath-based diagnostic technology to market, fund clinical trials, and grow its precision medicine services.
The companies will work together to develop a series of cancer screening tests that employ Preora's cytology platform and its sample-preparation technologies.
Alfa Scientific's iFOB test identifies human blood in feces, which may be a symptom of precancerous polyps and colorectal cancer.
The financing will support the company as it works to expand its diagnostic products for non-invasive early detection and monitoring of cancers.
DiscernDx, which is backed by Khosla Ventures, stepped in to purchase API's assets after lender Square 1 Bank asserted a lien on the company late last year.
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 publicized some of the first data that speaks directly to the sensitivity and specificity of its circulating tumor cell-based colorectal cancer test, which it plans to now bring to the US market.