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The glycoproteomics firm is using its mass spec platform for ovarian cancer and immunotherapy tests as well as service work for pharma and other partners.
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 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.
The revenues include the first sales from Vermillion's new IVD services business, Aspira IVD, which conducted two studies during the quarter.
Reuters reports that Germany is seeking to sequence 5 percent of patient samples that test positive for SARS-CoV-2.
23andMe and Medscape say primary care physicians are increasingly more comfortable with discussing direct-to-consumer genetic testing results.
The publisher of the Science family of journals will allow some authors to place peer-reviewed versions of their papers into publicly accessible repositories.
In Science this week: analysis of genome-wide association studies of chronic kidney disease, and more.