The firm is seeking damages and various injunctions, citing 11 different counts of fraud, breach of contract, tortious interference, and unfair competition.
The life science research tools firm is offering 8,150,000 shares of its common stock at a price of $6.75 per share for gross proceeds of about $55 million.
The company plans to use the funds to develop and commercialize its lead product, a mass spectrometry-based glycoproteomic blood test for ovarian cancer.
The company will partner with University College Dublin's Animal Genomics Laboratory to further develop genomic technologies to assess the origin, quality, and safety of food.
At the Business in Personalized Medicine Summit last week, the company also said it has generated promising data from a pilot study for early detection of lung cancer.
The transaction follows 10x Genomics' acquisition of Stanford University spinout Epinomics and technology development partnerships with BioLegend and Immudex.
The firm's assay measures the concentration of the wild type and mutant alleles of hFE protein at three different mutation sites from a person's blood sample.
The CDx, which will include the detection of activating FGFR2 fusions, is expected to be incorporated into Foundation Medicine's FDA-approved FoundationOne CDx assay.
The company, established as a merger between A*STAR MedTech spin-off MiRXES and venture capital firm Venturecraft, has developed a blood test for early-stage stomach cancer.
