Excluding the impact of the one-time sale of patents last year, the company's revenues climbed 38 percent on strong product and service revenue growth.
The firm said it will use the funds to commercialize a blood-based proteomic test for identifying men with elevated PSA levels at high risk of prostate cancer.
The company is continuing to collect utility and cost effectiveness data for its SelectMDx test in reducing unnecessary procedures in men with signs of a possible prostate cancer.
LabCorp will be able to develop and commercialize the test for patients with an elevated PSA to determine their risk of having clinically significant prostate cancer.
The firm said it saw strong reimbursement for the Oncotype DX Breast Recurrence test and increased private payor reimbursement for its Genomic Prostate test.
Exosome markets a urine-based test called ExoDx Prostate (IntelliScore) to help determine whether patients with ambiguous PSA tests needs a prostate biopsy.
Palmetto proposes to cover the assay for prostate cancer patients who are at very low and low risk of negative outcomes with active surveillance by NCCN guidelines.
