CA-based Freenome secures $254million in funding from new and existing investors. The funding enables Freenome to advance the pipeline of single-cancer and tailored multi-cancer early detection tests built on its multiomics platform.
Roche led the financing, joined by 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.
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Perceptive Advisors, Polaris Partners, Pura Vida Investments, Quest Diagnostics (NYSE: DGX), RA Capital Management, Sands Capital, Section 32, Squarepoint Capital, with funds and accounts advised by T. Rowe Price Associates, Inc., and others.
Mike Nolan, chief executive officer of Freenome said, “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,” “With this financing, we are well positioned to realize the full potential of our platform in delivering tests for early cancer detection.”
Matt Sause, chief executive officer of Roche Diagnostics said, “We are excited by Freenome’s journey over the last few years, and we look forward to expanding our collaboration. Enabling wider access to early cancer screening means helping patients receive timely information that can lead to better outcomes. Freenome’s groundbreaking blood-based screening and data-driven insights offer incredible potential to transform personalized healthcare,”
Many lives are lost to cancer, in part because the disease is often detected late. Freenome is leveraging its multiomics platform, which uses computational biology, machine learning and other technologies to develop screening tools to detect cancer in its earliest, most treatable stages.
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The platform is also being evaluated alongside Freenome’s biopharma and diagnostic company partners to non-invasively detect minimal residual disease (MRD) augmented with biological insights derived from the multiomics platform.
Mark A. Gardner, senior vice president, molecular genomics and oncology, of Quest Diagnostics said, “We look forward to collaborating with Freenome to advance the potential of their breakthrough multiomics technology for multi-cancer screening, building on our other initiatives to advance liquid biopsy innovations in cancer screening and minimal residual disease testing,”.
About Freenome
Freenome is breaking barriers to early cancer detection with a suite of blood tests built on its multiomics platform. The company recognizes that no single technology can identify every cancer due to the inherent heterogeneity of the disease.
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Freenome’s multimodal approach combines molecular biology and assays with computational biology, machine learning and multiple data types to tune into cancer’s subtlest cues, even at the earliest stages of disease.
