Cambridge, MA-based startup Thrive Earlier Detection has raised $257 million in a new round of financing, which the company plans to use to advance its CancerSeek multicancer liquid biopsy test into a "robust" trial supporting regulatory approval.
The Series B financing round was led by Casdin Capital and Section 32, as well as new investors Bain Capital, Brown Advisory, and other companies.
Thrive launched in May 2019, with $110 million in financing from Third Rock Ventures with Section 32, Casdin Capital, BlueCross/BlueShield Venture Partners, and other firms. The CancerSeek test was developed at Johns Hopkins University as a detection method for multiple tumor types, including those that are difficult to screen for, such as cancer of the ovaries and pancreas.
Thrive presented results for the test from a large study of women with no history of cancer and undergoing screening at the American Association for Cancer Research virtual meeting in April. The data suggest that the percentage of screen-detected cancers increased from 25% to 52%, the company reported at the time.