NEW YORK – Cancer blood testing company Adela said Monday that it has closed a $48 million financing, with participation from existing investors F-Prime Capital, OrbiMed, Deerfield Management, Decheng Capital, and RA Capital Management, as well as new investor Labcorp, bringing the firm's total capital raised to date to $108 million.
The company also announced that Lisa Alderson will be taking over as CEO, succeeding Scott Bratman, who will continue to serve as president and a member of Adela's board of directors. Alderson previously cofounded and served as CEO of Genome Medical and has also held executive posts at Invitae.
Adela said that it will use the proceeds of the financing to advance its first product for cancer monitoring, a tissue-agnostic minimal residual disease assay based on a genome-wide methylome enrichment platform developed by Adela CSO Daniel De Carvalho at Princess Margaret Cancer Centre in collaboration with researchers at Sinai Health System. The firm will also use the proceeds to continue developing a multi-cancer early detection product using the same approach.