NEW YORK – Delfi Diagnostics said on Monday that it has raised $225 million in a Series B financing, led by DFJ Growth with participation from Eli Lilly, Point72, Brown Advisory, Point Field Partners, Initiate Ventures, Open Field Capital, and PTX Capital.
The round also included all of the firm's existing investors including Cowen Healthcare Investments, Foresite Capital, Menlo Ventures, OrbiMed, funds and accounts advised by T. Rowe Price Associates, Northpond Ventures, Samsara BioCapital, Rock Springs Capital, AV8 Ventures, Illumina Ventures, Osage University Partners, and Windham Venture Partners.
Delfi intends to use the funds to support continued development and commercialization of blood tests for single cancer early detection, multi-cancer early detection, and treatment monitoring.
Based in Baltimore and Palo Alto, California, Delfi has harnessed a proprietary whole-genome low-depth sequencing approach for analysis of cell-free DNA fragmentation initially developed at Johns Hopkins.
The company is currently validating the technology for early detection of lung and other cancers in a 15,000-person prospective trial called CASCADE-LUNG. It is also working with other research institutions to develop new applications, including screening for other cancer types, multi-cancer early detection, and treatment monitoring.
"Cancer is a global public health problem and addressing it requires a solution that is accessible around the world," Delfi CEO and Founder Victor Velculescu said in a statement. "We believe our approach is uniquely capable of delivering high performing, cost effective, and clinically relevant tests for multiple applications to meet the needs of patients and providers everywhere."