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Shares of Illumina fell in afternoon trading on the Nasdaq following a brief rise after the market open.
The company recently had a second pre-submission with FDA and expects to begin a prospective trial of its test in the second half of this year.
The Oslo-based company plans to develop a test that can identify high-risk individuals based on an epigenetic signature.
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 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.