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News and reporting on lung cancer.
Under the deal, Novartis will access patients who have used Perthera's Precision Cancer Analysis service, which facilitates molecular profiling of cancers.
ASI's CEO said the clearance gives labs a system that eliminates the need for costly internal validation.
With a recent draft guidance from Medicare contractor Palmetto, and $6.1 million in new funding, Indi hopes to launch the test in the next six to nine months.
The firm will use the investment to launch its breath biomarker R&D services and fund clinical trials.
The Toronto company raised C$721,000 of its previously announced offering that targeted up to C$3 million.
The algorithm calculates the risk of lung cancer, and provides a histological determination in the case of a positive result.
The firms have eliminated several terms of their original deal and have cross-licensed IP to allow Med BioGene to license Gene FX Lung to other firms.
The arrangement allows Perthera to expand the scope of its molecular profiling work while helping the LCA provide more patients access to such testing.
The companies discussed their plans to change the one-test, one-drug companion diagnostic paradigm at the Personalized and Precision Medicine conference this week.
A recent draft local coverage determination from Medicare contractor Noridian is one step along a growth path, according to Veracyte's CEO.