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The financing will go toward the expansion of the company's laboratory operations and acceleration of the sales and marketing efforts of its Syn-One Test.
The firm anticipates completing the study in about 18 months and then applying for US Food and Drug Administration clearance for its multimodal platform and assays.
MeMed believes its tests can be used to identify which COVID-19 patients require more aggressive treatment with corticosteroids.
A new GeoMx Digital Spatial Profiler assay will have up to 30 protein targets and will be validated for potential use as a laboratory-developed test.
At the AACR annual meeting, researchers shared detection rate data for multi-cancer screening tests from Grail and Thrive Earlier Detection.
The firm said its PromarkerD blood test uses a protein fingerprint to detect the onset of disease up to four years before clinical symptoms appear.
The firm is developing a point-of-need blood test that it anticipates launching as an additional option in the market for active TB screening.
As part of the expanded deal, Oncore will offer StageZero's BreastSentry and Prostate Health Index tests, as well as ColonSentry.
The test will now be considered medically reasonable and necessary for patients over 45 with moderately elevated levels of prostate-specific antigen.
The platform retained high sensitivity after exposure to plasma for more than one month, opening up a range of potential diagnostic applications, the researchers said.