MENLO PARK, Calif. & HONG KONG–(BUSINESS WIRE)–GRAIL, Inc., a healthcare company whose mission is to detect cancer early, when it can be cured, today announced it has raised USD $300 million in an oversubscribed Series C financing. The financing is led by Ally Bridge Group, co-led by Hillhouse Capital Group and 6 Dimensions Capital, and includes Blue Pool Capital, China Merchant Securities International, CRF Investment, HuangPu River Capital (HPR), ICBC International, Sequoia Capital China, and WuXi NextCODE.
Since early 2016, GRAIL has raised more than $1.5 billion in three rounds of equity financing to pursue its vision of transforming the way cancer is diagnosed and reducing global cancer mortality. The Series C funding will add to the company’s balance sheet and support ongoing development and validation of products for the early detection of cancer in GRAIL’s clinical research program.
“GRAIL has continued to execute at a rapid pace towards its goal of saving lives through early detection of cancer. We have enrolled more than 73,000 participants in our population-scale clinical studies, CCGA and STRIVE, and are on-track to complete enrollment in both studies this year,” said Jennifer Cook, Chief Executive Officer of GRAIL. “We recently reported data supporting the potential for development of a highly specific and sensitive blood test, and are now continuing our development programs to optimize and validate a product for early detection of multiple cancer types.”
“We are fortunate to partner with new international investors who share our vision of delivering early detection products to people globally,” said Ken Drazan, President of GRAIL. “Many of our new investors have a focus in Asia, which we believe is a natural fit as we plan to grow our capabilities and operations in the region, following the planned launch of our first product for early detection of nasopharyngeal cancer in Hong Kong this year.”
“We are very impressed with the scientific, clinical, and software engineering achievements the team at GRAIL has made in just over two years. Our significant investment in GRAIL aligns well with Ally Bridge’s strong focus on investing in some of the world’s most innovative life science technologies and enhancing value-creation across geographies,” said Frank Yu, Founder and Chief Executive Officer, Ally Bridge Group.
About GRAIL’s Clinical Research Program
GRAIL is conducting what the company believes to be one of the largest clinical research programs ever pursued in genomic medicine in collaboration with leading community and academic medical centers globally. GRAIL has initiated two large-scale studies to date, which are designed to characterize the landscape of cancer-defining cell-free nucleic acid profiles, and to develop and validate blood tests for the early detection of multiple cancer types. The Circulating Cell-free Genome Atlas (CCGA) Study is a prospective, observational, longitudinal study enrolling more than 15,000 people with and without cancer. The STRIVE Study is a prospective, observational, longitudinal, cohort study enrolling 120,000 women at the time of their screening mammogram.
GRAIL is a healthcare company whose mission is to detect cancer early, when it can be cured. GRAIL is using the power of high-intensity sequencing, population-scale clinical studies, and state-of-the-art computer science and data science to enhance the scientific understanding of cancer biology, and to develop and commercialize pioneering products for the early detection of cancer. The company is located in Menlo Park, California and Hong Kong. It is supported by leading global investors and pharmaceutical, technology, and healthcare companies. For more information, please visit www.grail.com.
Source: Read Article on Business Wire