Freenome raises $254M in funding to advance cancer test pipeline

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Biotech firm Freenome has raised $254 million in funding from new and existing investors to accelerate its pipeline of early detection cancer tests for its multiomics platform.

Roche led the financing with participation from 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, RA Capital Management, Sands Capital, Section 32, and Squarepoint Capital. T. Rowe Price Associates and others will advise the funds and accounts.

Freenome’s multiomics platform uses computational biology, machine learning, and other technologies to develop early-detection cancer screening tools.

The company’s initial two programs are for colorectal and lung cancers, with both single-cancer and multicancer tests in development. The company has two registrational studies underway: Preempt CRC, a prospective clinical study of more than 40,000 participants at over 200 sites across the U.S. intended to evaluate Freenome's blood-based screening test among adults at average risk for colorectal cancer (CRC); and Proact Lung, a prospective observational clinical study with an estimated enrollment of up to 20,000 participants aimed at validating Freenome's lung screening test in current and former smokers over 50 who are eligible for low-dose computed tomography (LDCT) screening.

In addition, Freenome is conducting other studies, including the case-control, multicenter, multicancer Vallania study with 6,200 participants.

"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," said Mike Nolan, Freenome’s CEO. "With this financing, we are well positioned to realize the full potential of our platform in delivering tests for early cancer detection."

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