The funding will be used to bring to market Oklahoma City-based Progentec's products for CLIA labs, as well as its digital technologies for managing lupus.
Following its IPO in September, the company is expanding its presence with increased product offerings in the pipeline and a renewed focus on reimbursement and R&D.
The firm, which went public in September said that full-year 2019 revenues are expected to be between $40 million and $431 million.
The investment banks cited the company's access to proprietary technology and the potential $5 billion market for Exagen's testing options as reasons for its Outperform rating.
Exagen, which develops and markets autoimmune tests, went public on the Nasdaq today and expects gross proceeds of $50.4 million from its IPO.
Under the expanded deal, PredictImmune will have first right of refusal on technologies for predicting disease outcome for systemic lupus erythematosus.
The merger is aimed at expanding Salveo’s diagnostics capabilities and improving communication with providers and patients.
The combined company will offer laboratory testing and digital technologies for diagnosing and managing lupus, multiple sclerosis, and other autoimmune diseases.
Last year, the Oklahoma City-based firm raised $1.25 million in investment funding and acquired health management platform LupusCorner.
The financing will go toward ongoing commercialization of the firm's autoimmune tests and therapeutics promotion business.