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The company reported that its genome-wide methylation approach could detect 77 percent of stage II cancers in its ongoing case-control CCGA study.
Thrive Earlier Detection is banking on targeted detection of frequent cancer mutations, coupled with protein markers, while competitors turn to genome-wide approaches.
The company is commercializing a method developed by researchers at Johns Hopkins that detects cancer with high specificity from a blood sample.
Investigators concluded that the spiked samples from SeraCare were a robust tool for inter-lab comparisons and discussed some areas of discordance seen in the study.
The firm plans to use the funds raised to support business activities, as it moves forward in the development of cancer early detection tests.
The company said adopters are ordering tests in areas of great interest, like CTC and blood biomarker monitoring, despite a lack of reimbursement.
The company estimated that the offering could raise between $327.2 and $376.3 million, which it would use for various corporate purposes.
The company saw $1.0 million in revenues for the quarter, including $976,000 from commercial testing, and attributed the growth to its pathology partnership initiative.
The investment bank gave the liquid biopsy company a price target of $90 and said that it views Guardant as the field leader.
As of July 1, the Guardant360 test will be considered medically necessary for aiding therapy selection in advanced lung cancer for health plan members of EviCore.