Freenome – a biotechnology company developing blood tests for early cancer detection – announced the addition of $254 million from new and existing investors. This funding round enables Freenome to advance the pipeline of single-cancer and tailored multi-cancer early detection tests built on its multiomics platform.
Roche led the funding round and they were 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, and others.
Many lives are lost to cancer partially due to the disease often being detected late. And Freenome is utilizing its multiomics platform – which uses computational biology, machine learning and other technologies to develop screening tools to detect cancer in its earliest and most treatable stages. This platform is also being evaluated along with Freenome’s biopharma and diagnostic company partners to non-invasively detect minimal residual disease (MRD) augmented with biological insights derived from the multiomics platform.
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. And 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 for screening 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 is a multicenter, multi-cancer research program with more than 6,200 participants enrolled, including risk-matched control participants to reflect intended use populations. This study will compare blood samples from both cancer and non-cancer individuals to understand patterns associated with lung and other priority cancers.
KEY QUOTES:
“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 realize the full potential of our platform in delivering tests for early cancer detection.”
- Mike Nolan, chief executive officer of Freenome
“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.”
- Matt Sause, chief executive officer of Roche Diagnostics
“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.”
- Mark A. Gardner, senior vice president, molecular genomics and oncology, of Quest Diagnostics
