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News and reporting on lung cancer.
The cancer test developer will use the funding to commercialize its enrichment-based NGS panels. An IVD test also got CE marked.
The company said it can now market test kits for both liquid biopsy and FFPE samples to labs in the EU and other participating geographies.
The firm will offer 4.7 million shares of its stock at $2.27 per share. Proceeds will go toward the development and commercialization of its tests.
In Q1, the US represented more than 40 percent of new Idylla instrument placements, but growth stalled due to COVID-19.
The agreement reflects Oncocyte's strategy to establish distribution partners with existing oncology channels to extend the reach of its tests globally.
The firm said as part of a development study it is using a gut microbiome analysis tool developed in collaboration with Thermo Fisher Scientific.
The firms will evaluate Stratafide, a pan-solid tumor diagnostic test designed to identify actionable genomic alterations in tissue or blood samples.
The approach uses activity-based nanosensor technology being commercialized by spin-out Glympse Bio to detect dysregulated protease activity linked to disease.
Two recent acquisitions have resulted in the swift launch of two assays, one for the clinic and another for research use, as the firm's original test finally nears validation.
The company reported a net loss of $8.0 million, or $.15 per share, as it saw increased costs associated with its transition to commercial test provision.