The number of technologies to be assessed is vast, and ranges from liquid biopsies and molecular imaging to immunohistochemistry and RNA-seq.
The assay, being developed in partnership with Johnson & Johnson, will complement computed tomography imaging by combining 26 genes and clinical variables for lung cancer detection.
For the three months ended Sept. 30, the firm reported total revenues of $31.0 million, beating analysts' average estimate of $30.1 million.
The firm hopes to return fewer VUS in its test reports and to accelerate the resolution of uncertain results issued to patients in that past.
The new test uses the number of sequencing reads at specific early and late HPV transcripts as a biomarker for high-grade cytology.
Caris will use its whole-transcriptome sequencing assay and Molecular Intelligence Trials service to identify patients for a phase II clinical trial.
The company plans to offer 5.5 million shares of its common stock at $23.25 per share, raising around $127.9 million.
The company will use the proceeds for working capital and to repay around $12.4 million of its term loan.
The company plans to present early data this year from its collaboration with Johnson & Johnson to develop a nasal swab-based lung cancer genomic classifier.
The test is based on RNA sequencing and is used to differentiate between idiopathic pulmonary fibrosis and other lung diseases in order to avoid surgery.