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Following the launch of its urine-based Qsant assay later this year, the firm plans to develop updated versions of it with new biomarkers for different disease indications.
The company uses next-generation sequencing data to track the health of transplanted organs and stem cells over time.
The startup will use the funds to support R&D and to launch its Qsant urine test to help determine if a patient's body is rejecting a kidney transplant.
The products combine next-generation sequencing and analysis with the company's NGSengine software to provide high-resolution HLA genotyping information.
The company is also continuing to expand its digital technology offering to help clinicians track their patients' health more easily.
The company reported $58.6 million in total revenues for the quarter and said testing services revenues rose 73 percent year over year.
The test, which was developed by researchers at the Cleveland Clinic and the University of Alabama, looks for RNA molecules in urine that indicate rejection.
The Swedish firm will use the proceeds from the private placement to finance its global marketing and sales expansion.
The Swedish firm expects to soon receive a CE mark for its Chimerism NGS kit, which identifies hematopoietic stem cell transplant rejection using cellular material.
The researchers hope that donor-derived cell-free DNA testing to monitor rejection can help relieve racial disparities in heart transplant outcomes.