The financing is expected to allow Freenome to advance the pipeline of single-cancer and customised multi-cancer early-detection tests
Cancer testing company Freenome raises $254m. (Credit: Shameer Pk from Pixabay)
Biotechnology company Freenome has secured $254m in funding from new and existing investors to accelerate the development of its platform for early cancer detection.
The financing round was led by Roche with participation from ARK Investments, ArrowMark Partners, Artis Ventures, Bain Capital Life Sciences, and Quest Diagnostics, among others.
The latest funding is expected to allow Freenome to advance the pipeline of single-cancer and customised multi-cancer early detection tests.
These products are designed on the company’s multiomics platform, which uses computational biology, machine learning and other technologies to create screening tools for cancer detection in its early and treatable stage.
In addition, the platform is being assessed in conjunction with Freenome’s partners in biopharmaceuticals and diagnostic firms to non-invasively identify the minimal residual disease (MRD) enhanced by biological insights obtained from the multiomics platform.
The early programmes of the biotechnology company are concentrated on deadly and actionable lung and colorectal cancers. A pipeline of tests for both single- and multi-cancer diseases is being developed.
Freenome CEO Mike Nolan 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 realise the full potential of our platform in delivering tests for early cancer detection.”
Currently, the firm has two ongoing registrational studies, including PREEMPT CRC and PROACT LUNG.
PREEMPT CRC trial is evaluating Freenome’s blood-based screening test in adults at average risk for colorectal cancer.
It is a >40,000-participant prospective clinical trial with complete longitudinal real-world data (RWD).
PROACT LUNG is a prospective observational clinical study that will recruit up to 20,000 participants.
This trial is expected to validate Freenome’s lung screening test in existing and former smokers 50 years and older who are eligible for screening with an LDCT scan.
As part of its multi-cancer research projects, which include the Vallania Study and others, Freenome is also developing tests to screen for additional cancers. Over 10,000 people with paired RWD will be involved in the multi-cancer trials combined.