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News and reporting on prostate cancer.
The Royal Oak, Michigan-based startup will use the funding to support development and commercialization of its pan-disease diagnostic testing platform.
For the six-month period ended June 30, the molecular diagnostic company's revenues fell to $10.9 million from $17.2 million in H1 2018.
Revenues were $226.4 million, down from $263.7 million for the same quarter last year, but above the Wall Street estimate of $225.6 million.
The test will be used to identify which metastatic, castration-resistant prostate cancer patients harbor germline BRCA mutations and will likely benefit from Lynparza.
The assays will combine genomic and gene expression analyses to better understand driver mutations in prostate, breast, and pancreatic cancers.
The company's total revenues were $114.1 million compared with $95.6 million in the same quarter last year, beating analysts' expectations.
Exact said it will pay $72 per share for Genomic Health for a total transaction price of $2.8 billion in cash and stock.
The company recently launched Prompt Prostate Genetic Score, a lab-developed test to track a man's genetic predisposition to prostate cancer.
The researchers said that they have demonstrated an approach that skirts a bottleneck and enables building pathology support systems from large datasets.
The company — develops tests for the early detection of cancer and other diseases in whole blood — is targeting C$3.7 million in a private placement financing round.