Participated · Series C · Aug 2020

Freenome develops blood-based screening tests for early cancer detection using a multiomics platform that combines computational biology, machine learning, and other technologies. Its initial programs focus on colorectal and lung cancers, with single-cancer and tailored multi-cancer tests under development. The platform is also being evaluated with biopharma and diagnostic partners to non-invasively detect minimal residual disease (MRD) augmented by biological insights. The company has registrational studies underway, including PREEMPT CRC (>40,000 participants) and PROACT LUNG (up to 20,000 participants), plus multi-cancer research programs such as the Vallania Study (more than 6,200 participants) and additional studies totaling >10,000 paired RWD participants. Freenome intends to use the newly raised funds to advance its pipeline of single-cancer and multi-cancer early detection tests. The company is led by CEO Mike Nolan and is based in San Francisco, CA. Freenome develops a multiomics platform that uses routine blood draws to detect cancer in its earliest stages. Its core product is a blood test for colorectal cancer (CRC) being validated in the large prospective registrational study PREEMPT CRC, which is nearing completion of enrollment. The company plans to commercialize the CRC screening test and expand the platform to detect other cancers, and has reported promising data in pancreatic cancer detection. Freenome combines molecular biology, computational biology, and machine learning to identify disease-associated patterns among circulating cell-free biomarkers. Financially, Freenome announced a $300M Series D and has raised over $800M in total financing since its 2014 founding. The new funding is intended to support commercialization and further development of multi-cancer tests. Freenome has developed a comprehensive multiomics platform to detect cancer early from a routine blood draw, beginning with a colorectal cancer screening test. The platform integrates genomics, transcriptomics, methylomics, and proteomics with advanced computational biology and machine learning to recognize disease-associated patterns among circulating cell-free biomarkers. Freenome launched the PREEMPT CRC FDA registrational clinical trial in May 2020 to support approval of its first front-line blood test for colorectal cancer screening and precancerous lesion detection. The company intends to use proceeds from the financing to accelerate PREEMPT CRC toward approval, reimbursement, and commercialization, advance a pipeline of blood tests for additional cancers, and continue building its proprietary multiomics platform. Financially, Freenome closed an oversubscribed $270 million Series C that brings total financing to over $500 million since the company’s launch. The company is headquartered in South San Francisco, California. Freenome has built a multiomics platform that integrates assays for cell-free DNA, methylation, and proteins with computational biology and machine learning to detect early signs of cancer from a routine blood draw. The company’s first test targets colorectal cancer and uses a multidimensional view of tumor- and immune-derived signatures to improve sensitivity and specificity. Freenome reported promising clinical results at Digestive Disease Week showing high sensitivity and specificity in a cohort of mostly early-stage colorectal cancer patients. The company plans a pivotal validation study and intends to submit to the FDA and CMS under the Parallel Review Program for its colorectal cancer screening application. Proceeds from its recent financing will also fund expansion of laboratory infrastructure and software to support growth and future development. Freenome is headquartered in South San Francisco and was founded in 2014. Freenome is a health-technology company combining machine learning, biology and computer science to develop non-invasive disease screening assays based on cell-free DNA and other analytes. The company has collaborated with more than 25 research partners, including UCSD Moores Cancer Center, UCSF and MGH, and has processed thousands of samples through research and clinical trials. Freenome is working with five pharmaceutical companies to validate its software for clinical trial stratification and precision prescribing. The company is focused on scaling its technology and improving screening accuracy for lung, colorectal, breast and prostate cancers, with plans to address additional cancers and diseases. Proceeds from the Series A financing are being used to accelerate clinical trials, expand research, and advance its first products toward regulatory review. Headquartered in South San Francisco and launched in 2014, Freenome has raised more than $70 million since founding.