NEW YOK (GenomeWeb) – Caris Life Sciences said today that it has raised $150 million in growth capital through senior secured debt and convertible notes from TPG Sixth Street Partners (TSSP).
The Irving, Texas-based company said it intends to use the proceeds to launch new cancer profiling services, expand its commercial organization, increase the capacity of its clinical and R&D laboratory, grow the capabilities of its biopharmaceutical business, enforce its patents, and pursue other strategic corporate initiatives.
"Tumor profiling is now standard practice in many cancer types, and while clinical adoption is growing rapidly, this continues to be a largely untapped market," said David Halbert, chairman and CEO of Caris, in a statement.
"This senior credit structure is an optimal solution for the company since it combines the flexibility of growth capital with limited equity dilution," said Brian Brille, vice chairman of Caris.
The investment by TSSP represents the first external capital for Caris since 2011. The company has so far been sponsored and funded exclusively by Halbert.
Caris offers molecular profiling services for cancer patients. Its Next Generation Profiling offering combines the company's Molecular Intelligence and Adapt Biotargeting System services with its proprietary artificial intelligence analytics engine DEAN to analyze the exome, transcriptome, and proteome of cancer samples from tens of thousands of patients with clinical outcomes data.