The partners will evaluate circulating tumor cell-based biomarker panels as potential new tests for use on Ikonisys' Ikoniscope fluorescence microscopy system.
The company in partnership with the University of Edinburgh recently completed a trial of the test involving 400 patients.
The team will combine Akoya's Vectra Polaris system with Precision for Medicine's Apostream tool to validate companion diagnostics and assess drug efficacy.
The company said it will use the net proceeds for general corporate purposes and to fund ongoing operations and expansion of its business.
The approval allows the company to directly market and sell the CTC technology to labs and other institutions to develop and implement IVD tests.
The number of technologies to be assessed is vast, and ranges from liquid biopsies and molecular imaging to immunohistochemistry and RNA-seq.
Akadeum is currently developing a tool that involves microbubbles to deplete background molecules from circulating tumor cells in liquid biopsies.
The company will work with the Genome Institute of Singapore to create a test for breast cancer recurrence prediction using its circulating tumor cell platform.
The firm will begin a verification study later this month using its cell-sorting platform and molecular analysis tool on patients with a pelvic mass scheduled for surgery.
LineaRx was formed last year to commercialize Applied DNA Sciences' technologies for DNA design, manufacture, and chemical modification by large scale PCR.