Freenome Snags $160M to Boost Blood Test for Early Cancer Detection
Summary
Freenome, one of the rivals racing to detect the earliest signs of cancer through blood tests, announced Wednesday it has raised $160 million in a Series B funding round. Investors have poured money into an array of companies pushing for that optimal kind of test, and Freenome belongs to a prominent Bay Area cluster of such contenders. A newcomer to the field, Cambridge, MA-based startup Thrive Earlier Detection, made its debut in May with a $110 million Series A fundraising round to advance a test first developed at Johns Hopkins University. Freenome uses advanced data analysis and machine learning software to identify the billions of signature patterns and combinations among these blood-borne molecules that occur in various types of cancer. Freenome plans to use its fresh cash to launch a study that screens patients for colorectal cancer, with the goal of proving its test is worthy of regulatory approval.
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