Freenome Raises $254M to Accelerate Early Cancer Detection Platform

What You Should Know:

– Freenome, a leader in blood-based early cancer detection, has raised $254M in a new funding round, fueled by its innovative multiomics platform and promising pipeline of tests. The funding was led by Roche with participation from a16z Life Sciences Growth Fund, the American Cancer Society’s BrightEdge Ventures, ARK Investments, ArrowMark Partners, Artis Ventures, Bain Capital Life Sciences, Cormorant Capital, DCVC, Eventide Asset Management LLC, Intermountain Ventures, Perceptive Advisors, Polaris Partners, Pura Vida Investments, Quest Diagnostics, RA Capital Management, Sands Capital, Section 32, Squarepoint Capital.

– This investment will accelerate the development and commercialization of tests for various cancers, potentially saving lives through earlier detection.

Focus on Deadly & Actionable Cancers

Early detection is crucial for improving cancer outcomes and reducing mortality rates. Freenome’s multiomics platform analyzes various biological signals in blood to detect cancer at early stages. The company has two ongoing clinical studies: PREEMPT CRC (colorectal cancer) and PROACT LUNG (lung cancer). Freenome is also developing tests to screen for other cancers as part of its multi-cancer research programs, including the Vallania Study. The Vallania Study is a multi-cancer detection multicenter, multi-cancer research program with more than 6,200 participants comparing blood samples from both cancer and non-cancer individuals to understand patterns associated with lung and other priority cancers.

“We are grateful for the support and confidence of our investors. Together, we share a commitment to addressing the pressing need for better cancer screening solutions as we drive to make early cancer detection more convenient, accessible and actionable for everyone,” said Mike Nolan, chief executive officer of Freenome. “With this financing, we are well positioned to realize the full potential of our platform in delivering tests for early cancer detection.”