Freenome draws $160M to support its 'multiomics' cancer blood test programs

Red blood cells
Freenome’s platform searches for multiple biological signals from a single blood draw, integrating assays for cell-free DNA, methylation and immune system-derived proteins. (Pixabay)

Former FierceMedTech Fierce 15 winner Freenome has raised $160 million for its blood-based “multiomics” tests for the early detection of cancer. 

The proceeds will help fund a study to validate its platform, and support plans to submit its test for colorectal cancer for a parallel review by the FDA and the Centers for Medicare and Medicaid Services. 

Additionally, the series B money—which brings the South San Francisco-based company’s total financing up to $238 million—will help expand its laboratory infrastructure and fuel other development activities.  


How ICON, Lotus, and Bioforum are Improving Study Efficiency with a Modern EDC

CROs are often at the forefront of adopting new technologies to make clinical trials more efficient. Hear how ICON, Lotus Clinical Research, and Bioforum are speeding database builds and automating reporting tasks for data management.

The round was led by RA Capital Management and Polaris Partners, who were joined by new backers including Perceptive Advisors, Roche Venture Fund, Kaiser Permanente Ventures and the American Cancer Society’s BrightEdge Ventures, as well as funds and accounts advised by T. Rowe Price Associates.

RELATED: FierceMedTech’s 2017 Fierce 15 | Freenome

Previous investors also participated: namely Andreessen Horowitz, GV, Data Collective Venture Capital, Section 32, and Verily Life Sciences, which helped design and build Freenome’s lab space. 

“Since our founding in 2014, we have been focused on building a multi-disciplinary team to achieve our vision of a future where cancer mortality is significantly reduced through early detection matched with the right treatment informed by our blood test,” Freenome CEO Gabe Otte said in a statement.

RELATED: Liquid biopsy play Freenome bags $65M in Andreessen Horowitz-led round

“This funding will allow us to execute the necessary validation study for approval and reimbursement coverage of our colorectal cancer screening test, as well as expand our platform to other forms of cancer or immune-driven disease areas in the future,” Otte added.

Freenome’s platform searches for multiple biological signals from a single blood draw, integrating assays for cell-free DNA, methylation and proteins, while using AI and machine learning techniques to help identify the molecular signatures of different subtypes of cancer.

Last October, the company’s poster presentation at the annual meeting of the American College of Gastroenterology included the first readout from a study analyzing cell-free DNA in samples taken from patients with early-stage colorectal cancer. At the time, the test was able to detect the disease with 82% sensitivity and 85% specificity.

Suggested Articles

Boehringer Ingelheim tapped Healx to help identify new drug indications and leverage its AI to explore R&D options in neurological diseases.

Zentalis is coming out of stealth with an $85 million series C, which will propel its lead programs into pivotal trials and broaden its pipeline.

CMR Surgical will have a new CEO at the top of the year, as it kicks off the global launch of its modular Versius system while awaiting FDA approval.