Thrive raises $257m to fund multi-cancer diagnostic test trial

30 July 2020 (Last Updated July 30th, 2020 11:08)

Thrive Earlier Detection has raised $257m in a Series B financing round to fund the registrational trial of the multi-cancer diagnostic test CancerSEEK.

Thrive raises $257m to fund multi-cancer diagnostic test trial
Thrive plans incorporate CancerSEEK into routine medical care and diagnose more cancers at earlier stages when they can be more effectively treated. Credit: Public Domain Pictures / Pixabay.

Thrive Earlier Detection has raised $257m in a Series B financing round to fund the registrational trial of the multi-cancer diagnostic test CancerSEEK.

The round was led by Casdin Capital and Section 32. It was joined by multiple new investors, including Bain Capital Life Sciences, Brown Advisory, Driehaus Capital Management and Intermountain Ventures.

The round was also joined by all of the Thrive’s Series A investors.

The company closed the $110m series A funding round last year to advance and commercialise CancerSEEK.

According to the company, a study of the test in an asymptomatic population showed that it more than doubled the number of cancers first detected by screening.

The company intends to incorporate CancerSEEK into routine medical care and diagnose more cancers at earlier stages when they can be more effectively treated, and often, cured.

Thrive CEO David Daly said: “Since our founding in 2019, Thrive has continued to make tremendous progress in our pursuit towards changing the face of cancer.

“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.”

In a separate development, health intelligence companySema4 has wrapped up an oversubscribed $121m Series C financing round, bringing the post-money valuation to over $1bn.

The round was led by BlackRock with participation from existing investors, including Section 32, Oak HC/FT, Decheng and the Connecticut Innovation Fund, as well as new investors Deerfield Management Company and Moore Strategic Ventures.

Sema4 founder and CEO Eric Schadt said: “This investment is exciting for the significant financial resources it provides Sema4 for our continued rapid growth and accelerated investment, and also for the world-renowned partners it brings to our team.

“I look forward to working with our new and existing investors who collectively have deep expertise in the life and data sciences as we create cutting-edge precision medicine solutions for providers and patients to dramatically improve health outcomes.”

Sema4 recently launched Sema4 Signal platform that consists of a range of products and services, offering data-driven precision oncology solutions.

Last year, the company raised $120m in a Series B financing round.