Pharmaceutical firm Roche invested $290m in US-based cancer detection technology developer Freenome on Tuesday, roughly a month after it announced its $300m series D round.
Founded in 2014, Freenome has developed a multiomics platform which combines molecular biology and machine learning to detect cancer in the early stages through a routine blood draw by decoding complex cell-free biomarker patterns.
The company’s series D round was co-led by Perceptive Advisors and RA Capital Management and included internet and technology conglomerate Alphabet’s GV unit as well as corporates Kaiser Permanente, Novartis and Intermountain Healthcare, the last through Intermountain Ventures.
Roche also participated in the round, but Freenome confirmed to Global Corporate Venturing the latest investment is entirely new.
The company’s initial product is a blood test for colorectal cancer screening that is in the final stages of enrolment for a prospective registrational study. It is also expanding its technology into other forms of cancer beginning with pancreatic cancer.
For its part, Roche already provides cancer detection products for colorectal, breast, cervical, lung, liver, ovarian, prostate, haematological and skin cancer through its Roche Diagnostics subsidiary, and Freenome can access its expertise as it continues to work on its own technology.
Mike Nolan, Freenome’s chief executive, told Global Corporate Venturing: “We really look at this relationship with Roche as a true collaboration and partnership.
“The assets and competencies they have give us a greater ability to reach and impact more patients. Our focus is – and will always be – about putting the patients at the centre of everything we do.”
The Roche investment increased Freenome’s overall funding to $1.1bn, Roche having been an investor since its $160m series B round in 2019, which also featured Kaiser Permanente Ventures, GV and fellow Alphabet subsidiary Verily Life Sciences.
Roche Venture Fund, GV, Kaiser Permanente Ventures and Novartis also took part in the company’s $270m series C round the following year.
Existing backers also include investment and financial services group Fidelity, Bain Capital Life Sciences, BrightEdge Ventures, Janus Henderson Investors, Farallon Capital Management, Rock Springs Capital, Cormorant Asset Management, EcoR1 Capital, Catalio Capital Management, Colorectal Cancer Alliance, Sands Capital, Andreessen Horowitz, DCVC, Polaris Partners, Soleus Capital, Section 32 and T Rowe Price.
Nolan added: “Roche has been a board observer and knows who we are as a company, and believes in our mission. As we think about our next phase and bringing our tests to impact more patients, Roche has the experience, resources and clinical trust to help us do just that.”
Photo courtesy of Freenome Holdings, Inc.
