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It will use the funds to help expand the development and commercialization of its non-invasive genetic tests for early-stage cancer detection.
The company's test boasted strong sensitivity and specificity for a range of different alterations in clinical and contrived samples, particularly for low-allele frequencies.
The lab, which serves hospitals in India and surrounding countries, will use Precipio's ICE COLD-PCR technology to offer blood-based mutation tests.
An impetus for the review included the fact that companies are advertising and promoting liquid biopsy in areas where the technology has not yet proven its clinical utility.
The decision, which the company said was made for business and financial reasons, raises questions about the viability of such tests in the face of reimbursement uncertainly.
A study reported this week that measuring changes in the numbers of specific circulating tumor DNA mutations can rapidly identify breast cancer patients who will have better outcomes.
The company can now offer to Florida residents the blood-based colorectal cancer monitoring test Colvera.
The company has also developed two liquid biopsy cancer test, Liquid GPS Core for DNA and Liquid GPS Expression for RNA.
Liquid biopsy companies are increasingly recognizing the value of analyzing not just circulating tumor DNA, but biomarkers like CTCs, methylation, and proteins.
The multi-analyte assay could screen for cancers that currently lack early-stage detection methods, including ovarian, liver, stomach, pancreatic, and esophageal cancers.