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NEW YORK (GenomeWeb) — The American Cancer Society's (ACS) newly formed philanthropic fund BrightEdge has made its first investment, contributing $3 million to Castle Biosciences' $11.6 million convertible note financing last month, the organizations said on Thursday.

BrightEdge, headquartered in Atlanta, was founded by the ACS to invest in for-profit companies developing novel cancer therapeutics and diagnostics. It was established with a $25 million commitment from ACS and aims to raise an additional $100 million from private donors.

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