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Freenome Raises $254M From Roche, Other Investors to Advance Cancer Early Detection Tests

NEW YORK – Freenome said on Thursday that it raised $254 million in funding from existing and new investors to advance its pipeline of single- and multi-cancer early detection tests.

Roche led the financing, joined by 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, 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 advised the funds and accounts.

South San Francisco, California-based Freenome is studying its cancer tests in several ongoing clinical trials.

The prospective multicenter observational PREEMPT CRC study is evaluating Freenome's blood-based screening test among adults at average risk for colorectal cancer (CRC) via longitudinal real-world data.

Similarly, the PROACT LUNG study aims to validate the clinical performance of Freenome's lung cancer screening blood test in support of applying for US Food and Drug Administration approval.

Freenome is also developing a multi-cancer early detection test through the multicenter, case-control Vallania trial, which compares blood samples from both cancer and non-cancer individuals to understand patterns associated with "priority" cancers, including lung cancer.

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

Last year, Freenome acquired UK-based cancer immunodiagnostics firm Oncimmune, which has a CE-marked EarlyCDT Lung blood test, an autoantibody discovery platform called ImmunoInsights, and a research and development pipeline of at least seven cancer- detection signatures.

Shortly after that, Freenome partnered with Walgreens to advance and diversify its early detection tests.