Freenome secures $254M in funding led by Roche, alongside various prominent investors, to advance its blood-based early cancer detection technology. The investment will expedite the development and launch of tests targeting several deadly cancers. Freenome’s multiomics platform, analyzing biological signals, aids in early cancer identification. Clinical studies like PREEMPT CRC and PROACT LUNG focus on colorectal and lung cancers respectively, with ongoing multi-cancer research programs enhancing detection capabilities. CEO Mike Nolan emphasizes the commitment to accessible and actionable cancer screening solutions.
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
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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.”
Source: Hit Consultant
