NEW YORK – Foresight Diagnostics announced Tuesday that it closed $33 million in new capital in a Series B financing round, bringing the total for that round to approximately $73.8 million.
The company said in a statement that it would use the additional funds to advance the Clarity circulating tumor DNA minimal residual disease (MRD) testing platform in lymphomas and solid tumors, for which it has partnered with Allogene Therapeutics and initiated the Phase II ALPHA3 trial.
Foresight had previously raised $58.8 million in its Series B round, which helped enable it to move its headquarters from Aurora, Colorado, to Boulder.
The additional $33 million came from existing investors Foresite Capital, Civilization Ventures, Bluebird Ventures, Pear Ventures, Agent Capital, Stanford University, and the University of Colorado Healthcare Innovation Fund.
"In completing Foresight's Series B financing and extension round … we are delighted to have earned the unwavering confidence of our Series A and B investors," said Jake Chabon, Foresight's CEO and cofounder. "We used the initial tranche of Series B funding to solidify our business infrastructure. We now have the necessary capital to continue advancing our Foresight Clarity MRD testing platform in both lymphomas and solid tumors as we progress towards our goal of improving the lives of cancer patients worldwide."
Late last month, Foresight settled a patent lawsuit with Personalis. As part of that agreement, Personalis granted Foresight a nonexclusive, worldwide license to certain patents related to whole-genome sequencing-based MRD testing.