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The firm is planning a hybrid approach to clinical translation, including launching some of its own cancer tests and licensing technology to other labs.
The net proceeds will support continued product development, research, product commercialization, working capital, and other general corporate purposes.
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.
Volition said that the acquisition helps it secure the supply of the recombinant nucleosome used as the calibrant for its Nu.Q testing platform.
The company's goal is to serve what it sees as a massive but underaddressed target group: Asian women.
The new company, called Inex Innovate, aims by next year to introduce new tests for ovarian cancer and breast cancer in Asian women.
The company reported that its genome-wide methylation approach could detect 77 percent of stage II cancers in its ongoing case-control CCGA study.
The clinical genome-wide DNA methylation test can diagnose genetic diseases that are missed by exome or genome sequencing and evaluate variants of unknown significance.
The firm's EpiSwitch test for blood-based diagnosis of prostate cancer will be evaluated as part of the ongoing PROSTAGRAM trial.
The JHU technology leverages an epigenetic biomarker panel and a sponge-on-a-string collection device, as well as a PCR-based method, to detect Barrett's esophagus.