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The company presented new evidence for the sensitivity of its multi-cancer early detection test and robustness of its automated library prep system.
Novitas added multiple leukemia biomarkers to its coverage determination, as well as the ThyGeNEXT molecular panel.
The firm is engaged in multiple clinical validation trials and aims to raise more than $100 million to launch its Helio Liver Test in the US early next year.
The firm presented initial study results from the test, which identifies six cancers, showing overall sensitivity at 86 percent and specificity of 95 percent.
In its IPO prospectus, the company shared plans to broaden the use of its methylation technology from cancer screening to diagnostics and residual disease monitoring.
The goal of the project is to build a liquid biopsy-based early detection technology platform and develop tests for lung and digestive system cancers.
The company said proceeds will accelerate the ongoing FDA registrational study of its blood-based colorectal cancer screening test and further its extended pipeline.
The company recently presented results from its Aurora assay for multi-cancer screening and plans to launch a $100 test for the US and Chinese markets.
The firm expects to launch a 510(k)-cleared version of its Bladder EpiCheck recurrence assay early next year followed by an RUO early-stage lung cancer assay.
The company said the funds will support the continued development and commercialization of its genome-wide methylation assay for multi-cancer early detection.