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Thrive Earlier Detection Raises $257M in Series B Financing

NEW YORK – Blood-based cancer detection firm Thrive Earlier Detection said Wednesday that it has raised $257 million in a Series B financing round led by Casdin Capital and Section 32.

Also participating were investors from the Series A round, including Bain Capital Life Sciences, Brown Advisory, Driehaus Capital Management, Intermountain Ventures, Janus Henderson Investors, Lux Capital, Moore Strategic Ventures, Perceptive Advisors, Rock Springs Capital, Sands Capital, funds and accounts advised by T. Rowe Price Associates, and other unnamed investors.

In conjunction with the announcement, Thrive also said that it has appointed Eli Casdin to its board of directors.

Cambridge, Massachusetts-based Thrive said the new financing will be used to fund the ongoing research necessary to support its bid for US Food and Drug Administration approval. The company intends to advance CancerSEEK for use in routine medical care where it would detect cancers at earlier stages when they can be more effectively treated or cured. The firm published data this April from a prospective interventional trial of the assay in an asymptomatic screening population, showing that the approach detected a significant number of cancers not identified by other available methodologies.

"With this financing, we are well-positioned to advance our test into a robust registrational trial and continue to work closely with key stakeholders to remove barriers to ensure timely access, including future reimbursement for CancerSEEK," Thrive CEO David Daly said in a statement.