Investors in the company, formerly known as Vermillion, have agreed to purchase $11 million in unregistered common stock at a price of $3.50 per share.
The company posted an 11 percent year-over-year decline in OVA1 sales but more than doubled its average revenue per test, to $301 from $143 in Q4 2015.
The firms extended their OVA1 commercialization agreement an additional year while adding procedures for verifying the number of tests performed under the deal.
The company obtained out-of-state provider status from California's Medicaid program for its OVA1 test, giving it access to more than 12 million patients.
The agreement provides coverage for more than 6 million people in Michigan and the larger Great Lakes region for the company's proteomic ovarian cancer test.
The company said investors have agreed to purchase $5.6 million of common stock as well as warrants that, if exercised, could raise an additional $5.1 million.
The company posted revenues of $623,000, up from $330,000 in the year-ago quarter, benefitting from higher revenue per OVA1 test despite lower sales volume.
CareFirst covers more than 3 million patients in Maryland, Washington DC, and Virginia, and is one several payors to recently issue a coverage decision for Vermillion.
The service business, which the company is calling Aspira IVD, generated $155,000 in revenue from two projects undertaken in the second quarter of 2016.
