$254m funding raised by Freenome for early cancer detection

Freenome has announced that it has raised $254m from new and existing investors, intended to be used for the advancement of its single-cancer and tailored multi-cancer early detection tests developed on its multiomics platform.
The funding was led by Roche, as well as the 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 ManagementLLC,Intermountain Ventures, Perceptive Advisors, Polaris Partners, Pura Vida Investments, Quest Diagnostics, RA Capital Management, Sands Capital, Section 32 and Squarepoint Capital. Funds and accounts were advised by T Rowe Price Associates, and others.
The company’s initial programmes have focused on colorectal and lung cancer, with a pipeline of single-cancer and multi-cancer tests in development. There are currently two studies underway, PREEMPT CRC, which evaluates the company’s blood-based screening test in adults at average risk for colorectal cancer, and PROACT LUNG, which is intended to validate the company’s lung screening test in current and former smokers over the age of 50 who are eligible for screening via an LDCT scan.
Mike Nolan, chief executive officer at Freenome, commented: “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 realise the full potential of our platform in delivering tests for early cancer detection.”
Mark A Gardner, senior vice president, molecular genomics and oncology, of Quest Diagnostics, added: “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.”