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The Rehovot, Israel-based firm expects to soon receive marketing clearance from the US Food and Drug Administration for its methylation-based Bladder EpiCheck test.
The Israeli-based startup will use the funds to continue development of its EpiCheck methylation platform and to develop the Lung EpiCheck assay.
The results represent a significant improvement over currently used screening tools and are spurring renewed LDT commercialization and regulatory submission efforts.
The company's acquisitions of Thrive Early Detection and Base Genomics are meant to accelerate its development of a liquid biopsy multi-cancer screening test.
The company also acquired DNA methylation analysis firm Base Genomics for $410 million and said it plans to raise $869 million in a direct stock offering.
The firm presented initial study results from the test, which identifies six cancers, showing overall sensitivity at 86 percent and specificity of 95 percent.
Along with the downgrade, the investment bank also lowered its December 2021 price target for Illumina from $390 to $280.
The deal, which was approved by the boards of directors of both companies, is expected to close in the second half of 2021, pending customary conditions.
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.