The company said it will use the net proceeds for general corporate purposes and to fund ongoing operations and expansion of its business.
The company will use its InVisionFirst-Lung test to study resistance mutations in patients treated with Pfizer's ALK inhibitor lorlatinib.
The validation of its current CLIA testing comes as Biocept is in the early stages of expanding to provide kit versions of its liquid biopsy tests.
Circulating tumor DNA detection in stage III colon cancer patients after surgery and adjuvant chemotherapy coincided with a rise in recurrence risk.
The company has collected initial evidence for an algorithmic method to predict immunotherapy response, and is studying its technology in treatment monitoring.
The companies will use Foundation Medicine's FoundationOne CDx test as the baseline to define a set of unique variants that the codeveloped assays will monitor.
The company said it has seen progress in efforts to get FDA approval for its tissue and liquid biopsy tests as data continues to accumulate for pan-cancer utility.
The company is on track to submit Guardant360 to the FDA in the third quarter, but also expects to see pan-cancer reimbursement much sooner.
The company sold nearly twice as many tests as in Q2 last year, with clinical test revenue more than doubling and total revenue reaching $54 million for the quarter.
Biocartis' Idylla called some colorectal cancer samples negative that Sysmex Inostics's OncoBEAM called positive, but the clinical implications may be complex.