Freenome will use the proceeds to accelerate the ongoing clinical study of its blood test for colorectal cancer screening and advance its product pipeline
Freenome has secured $270m in Series C financing round, to support the clinical study of its novel multiomics blood testing platform for the early detection of cancer.
The Series C financing round was led by new investor Bain Capital Life Sciences and existing investor Perceptive Advisors. The Series C financing round brings the company’s total financing reach more than $500m.
In addition, the company’s existing investors have also participated in the financing round.
Fidelity Management & Research, Janus Henderson Investors, Farallon Capital Management, Rock Springs Capital, Cormorant Asset Management, EcoR1 Capital, Catalio Capital Management, and the Colorectal Cancer Alliance are the new investors who participated in the financing round.
Freenome CEO Gabriel Otte said: “We are delighted to have Bain Capital Life Sciences and Perceptive Advisors as lead investors, and thank all of our new and existing investors for their ongoing confidence in Freenome and our mission to improve accessibility and adherence to cancer screening.
“We are moving closer every day to a world where cancer can be detected early or even in a precancerous state and ultimately save many lives.”
Freenome will use the financing to support its PREEMPT CRC clinical trial of its blood test
The privately held biotechnology company intends to use the proceeds from financing to speed up the PREEMPT CRC clinical trial of its blood test to screen colorectal cancer and detect precancerous lesion.
Also, the company will use the financing to advance a portfolio of blood tests for both the early detection and intervention of other cancers, along with development of its multiomics platform.
Initiated in May 2020, PREEMPT CRC is an FDA registered clinical study aimed at supporting the FDA approval for the first front-line blood test.
The company said that the current financing round is expected to support its plans to expand the multiomics platform, aimed at creating a portfolio of advanced blood tests for multiple cancers.
To understand multiple signatures for early cancer detection, Freenome’s platform will integrate technologies leveraging genomics, transcriptomics, methylomics, and proteomics with advanced computational biology and machine learning techniques.
Freenome CFO William Quirk said: “This funding will allow us to execute on our business plans by accelerating the registrational study for our blood test for colorectal cancer screening toward approval, reimbursement, and commercialization while, at the same time, advancing our pipeline of blood tests for screening other cancers.
“We are well positioned for Freenome’s next stage of growth, leveraging the full potential of our novel multiomics platform as a disruptive technology for cancer screening.”