Precision oncology company Strata Oncology has secured $90m in Series C financing to boost the ongoing development of tissue and blood tests.

With the latest financing, the company’s total funding has reached more than $130m since its formation.

Strata will use the proceeds to advance the development of its personalised minimal residual disease (MRD) assay for early-stage cancers, in addition to expediting its pipeline of novel RNA-based treatment selection tests for solid tumours.

The funds will enable the company to expand its comprehensive genomic and transcriptomic profiling platform to offer a portfolio of treatment selection tests for solid tumours.

Strata’s platform incorporates genomic profiling and quantitative RNA expression profiling to provide comprehensive molecular insights from a single and minute tumour tissue specimen.

Strata Oncology co-founder and CEO Dr Dan Rhodes said: “We are grateful to our new and existing investors for their commitment to our bold mission of delivering the best possible treatment for each patient, as early as possible.

“This financing will enable us to increase our investment in our platform, programs, and team, as we combine highly sensitive MRD testing with DNA and quantitative RNA-informed treatment selection testing.”

Led by Wellington Management, the financing round saw participation from new investors such as Cormorant Asset Management, Monashee Investment Management and Highside Capital Management.

The financing round is also supported by existing investors such as Pfizer Ventures, Merck Global Health Innovation Fund, Arboretum Ventures, Deerfield Management, Baird Capital and Renaissance Venture Capital Fund.

J.P. Morgan acted as sole placement agent to Strata Oncology on the funding.