Epigenomics terminated a licensing contract related to Chinese distribution rights for its Septin9 biomarker and Epi proColon colorectal cancer blood test.
The deal will focus on Biocartis' Idylla MSI test, which provides information on a tumor's microsatellite instability status of a tumor from a single FFPE slice.
Epigenomics terminated its collaboration with China's BioChain for the licensing of the septin9 marker and exclusive Chinese distribution rights for Epi proColon.
The company said it will use part of the proceeds to repurchase some of its senior notes due in January 2025, and the rest for corporate purposes.
The firm will expand on its MSI assay for use in immunotherapy while developing liquid biopsy assays to monitor patients post therapy and for recurrence.
The firm said that its cell-free DNA assay has shown a high positive predictive value in preliminary clinical studies involving stage IV colorectal cancer patients.
The company said test volume for its Cologuard colorectal cancer test rose 66 percent during the quarter to 292,000.
The startup, which was founded by two Washington University researchers and a Wharton MBA, is looking to take a big bite out of Cologuard's market.
The test, which searches for fragments of DNA 200 basepairs or longer that are characteristic of diseased mucosa, may eventually compete with diagnostics like Exact Sciences' Cologuard.
The clearance enables 23andMe to report on the two most common variations in the MUTYH gene influencing MAP, which increases risk of CRC development.