Some of the proposed payment rates for 2017 are low, but diagnostics firms will likely try to negotiate higher pricing during the 30-day comment period.
When molecular testing did affect the surgical plan, it often led to overtreatment, according to the Johns Hopkins University School of Medicine team.
The revenue increase was driven by greater demand for its Afirma gene expression classifier test for differentiating benign thyroid nodules from cancerous ones.
The funding, which comes through a loan agreement with a securities purchase option, will be used in part by Veracyte to pay down an existing loan.
The company's revenues in the quarter rose 15 percent to $14 million on a 38 percent rise in Afirma test volume, but fell short of analysts' consensus estimate.
The test uses a 23-gene panel to identify suspected lung cancer patients at low risk of cancer following an inconclusive bronchoscopy result.
The New York State Department of Health has cleared the test for use in the state under Veracyte's existing laboratory permit while it conducts a final review.
The investment bank initiated coverage on Rosetta Genomics and Veracyte, rating the molecular diagnostic firms' shares speculative buy and buy, respectively.
Health Care Service Corporation and New York's Excellus BlueCross BlueShield will begin covering the test as medically necessary for its members.
CMS issued its final Clinical Laboratory Fee Schedule for 2016 yesterday, shifting to gapfill rather crosswalk new codes as initially proposed for MAAAs.
The former commissioner of the FDA has returned to the venture capital firm New Enterprise Associates as a special partner on the healthcare investment team.
Astronauts have edited yeast genes on the International Space Station in an experiment designed to show how cells repair themselves in space.
Emory University has found that two of its researchers failed to divulge they had received funds from China, according to the Atlanta Journal-Constitution.
In Science this week: influence of the nuclear genome on human mitochondrial DNA, and more.