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Shares of Illumina fell in afternoon trading on the Nasdaq following a brief rise after the market open.
The investment banking firm forecast Fiscal Year 2021 revenues of $235.6 million, higher than the consensus Wall Street estimate of $178.4 million.
The in vitro diagnostic test runs on the Illumina NovaSeq 6000 instrument and will be performed at Helix's San Diego CLIA-certified laboratory.
The sequencing firm said infectious disease research, diagnostics, screening, and surveillance could all increase demand for its NGS products.
NantHealth's net loss more than tripled in the second quarter, though it continues to build up its cash reserves.
The sequencing-based test for minimal residual disease can be use with blood and bone marrow samples in patients with chronic lymphocytic leukemia.
Company officials credited investments in information technology, as well as R&D for RT-PCR-based tests, with driving up the firm's billable testing numbers.
The genetic testing company said its orders for traditional tests have also rebounded and are on track for growth in the second half of 2020.
The targeted sequencing assay analyzes 12 genes and can be paired with the firm's BRCA gene testing kit.
The offering consists of 8 million shares at an offering price of $40 per share, of which 2 million are being sold by a shareholder.