– Roche led the financing alongside
existing and new investors –
– The funds will progress clinical programs
and expand platform capabilities –
SOUTH
SAN FRANCISCO, Calif., Feb. 15,
2024 /PRNewswire/ -- Freenome, a biotechnology
company developing blood tests for early cancer detection,
announced the addition of $254
million 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, 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.
"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."
"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," adds
Matt Sause, chief executive
officer of Roche Diagnostics.
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. 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.
"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," said Mark A.
Gardner, senior vice president, molecular genomics and
oncology, of Quest Diagnostics.
Freenome's initial programs are focused on deadly and actionable
cancers – colorectal and lung with a pipeline of single-cancer and
multi-cancer tests under development. The company has two
registrational studies underway:
- PREEMPT CRC: A >40,000-participant prospective clinical
study with comprehensive longitudinal real-world data (RWD)
evaluating Freenome's blood-based screening test among adults at
average risk for colorectal cancer (CRC).
- PROACT LUNG: A prospective observational clinical study
enrolling up to 20,000 participants. The study is intended to
validate Freenome's lung screening test in current and former
smokers 50 years and older who are eligible for screening with an
LDCT scan.
Freenome is also developing tests to screen for other cancers as
part of its multi-cancer research programs, including the Vallania
Study and others. Combined, the multi-cancer studies will involve
>10,000 participants with paired RWD.
- The Vallania Study: A multicenter, multi-cancer research
program with more than 6,200 participants enrolled, including
risk-matched control participants to reflect intended use
populations. The study will compare blood samples from both cancer
and non-cancer individuals to understand patterns associated with
lung and other priority cancers.
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. 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.
With the convenience of a standard blood draw, Freenome aims to
empower everyone to access recommended cancer screenings. The
company is partnering with healthcare organizations and population
health decision-makers to integrate its technology and software
platform, making cancer detection easier and more accessible.
Freenome is headquartered in South San
Francisco, California. Find out more at www.freenome.com and
visit us on LinkedIn.
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SOURCE Freenome Holdings, Inc.