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.
Data being presented at the upcoming AACR meeting show that Guardant's liquid biopsy test provided more accurate and rapid mutation detection than tissue genotyping.
Biocept will use its liquid biopsy assay to test cerebrospinal fluids of patients diagnosed with certain cancers and then compare results to standard methods.
The company posted $25.8 million in revenues for the quarter, up from $19.6 million a year ago, as total genomic test volume grew 28 percent to 9,154 tests.
An analyst said the DetermaVu test could potentially be best in class for lung cancer diagnosis and that CMS could begin reimbursing for it in late 2020.
The company will use proceeds to support commercialization of its lung cancer liquid biopsy test, and to fund studies to cement reimbursement and adoption.
In a recent publication, the researchers assessed clinical data from 3,000 late-stage NSCLC patients after performing DNA and RNA sequencing on their tissue samples.
