NEW YORK – Foresight Diagnostics said Thursday that it closed an oversubscribed $58.8 million Series B funding round led by Foresite Capital.
Civilization Ventures, Bluebird Ventures, Pear Ventures, Agent Capital, Stanford University, and the University of Colorado Healthcare Innovation Fund also participated in the round.
The Stanford University spinout, based in Aurora, Colorado, intends to use the funding to speed up the clinical development and commercialization of its PhasED-seq minimal residual disease (MRD) testing platform. PhasED-seq enhances MRD sensitivity by targeting "phased variants," where two or more SNPs are located on the same DNA fragment.
At the American Association for Cancer Research annual meeting earlier this month, Foresight presented data generated from a study showing that PhasED-seq achieved a limit of detection of one part per million or less in most blood samples from patients with solid tumors, according to the firm.
"Foresite Capital brings significant operational and investment experience in cancer diagnostics and the minimal residual disease (MRD) market and are an excellent partner for us as we pursue our mission to improve the lives of cancer patients," Jake Chabon, CEO and cofounder of Foresight Diagnostics, said in a statement.
Foresight Diagnostics is in ongoing litigation with Personalis over alleged patent infringement related to MRD testing.