Freenome Raises $254M

Freenome Raises $254M From Roche, Other Investors to Advance CancerEarly Detection Tests

Feb 15,2024

NEW YORK – Freenome said on Thursday that it raised $254 million infunding from existing and new investors to advance its pipeline of single- andmulti-cancer early detection tests.

Roche ledthe financing, joined by a16z Life Sciences Growth Fund, the American CancerSociety's BrightEdge Ventures, ARK Investments, ArrowMark Partners, ArtisVentures, Bain Capital Life Sciences, Cormorant Capital, DCVC, Eventide AssetManagement, Intermountain Ventures, Perceptive Advisors, Polaris Partners, PuraVida Investments, Quest Diagnostics, RA Capital Management, Sands Capital,Section 32, and Squarepoint Capital. T. Rowe Price Associates and othersadvised the funds and accounts.

South SanFrancisco, California-based Freenome is studying its cancer tests in severalongoing clinical trials.

Theprospective multicenter observational PREEMPT CRC study is evaluating Freenome's blood-based screening test among adults at average risk for colorectal cancer (CRC) via longitudinal real-world data.

Similarly,the PROACT LUNG study aims to validate the clinical performance of Freenome's lung cancer screening blood test in support of applying for US Food and Drug Administration approval.

Freenome isalso developing a multi-cancer early detection test through the multicenter,case-control Vallania trial, which compares blood samples from both cancer and non-cancer individuals to understand patterns associated with "priority" cancers, including lung cancer.

"Withthis financing, we are well positioned to realize the full potential of ourplatform in delivering tests for early cancer detection," Freenome CEOMike Nolan said in a statement.

Lastyear, Freenome acquired UK-based cancer immunodiagnostics firm Oncimmune, which has a CE-marked EarlyCDT Lung blood test, an autoantibody discovery platform called ImmunoInsights, and a research and development pipeline of at least seven cancer- detection signatures.

Shortlyafter that, Freenome partnered with Walgreens to advance and diversify its early detection tests.