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Freenome Nabs $7M Series A Extension

NEW YORK (GenomeWeb) – Freenome said today that it has raised an additional $7 million as an extension to its previously announced Series A funding, bringing the total raised to nearly $72 million.

The extension was led by Section 32, and also included investments from several private and corporate investors, including 23andMe cofounder Anne Wojcicki.

Freenome is developing tests for early cancer detection that combine genome-wide sequencing and a computational system trained to analyze patterns in circulating cell-free DNA. The firm says it has worked with more than 25 research partners, and is also collaborating with five pharmaceutical companies to evaluate whether its software might also be useful for clinical trial stratification and precision prescribing.

Freenome Cofounder and CEO Gabe Otte said in a statement that the new addition to the firm's Series A financing round will help further accelerate its research, as it advances its first products towards regulatory review.

When it does bring these planned tests to market, Freenome will likely join at least one competitor. Grail, for example, has said it plans to raise more than $1 billion in support of its own efforts in this space.  Other firms, including Guardant Health, have also announced plans to develop early cancer detection assays based on analysis of circulating cell-free DNA.