Delfi Diagnostics has raised $225 million in a series B round to develop its liquid biopsy test. The Baltimore, MD-based company has now raised a little more than $325 million for its early cancer detection technology.

This round of financing was led by DFJ Growth with participation from Eli Lilly and Company, Point72, Brown Advisory, Point Field Partners, Initiate Ventures, Open Field Capital, PTX Capital, and all existing investors including Cowen Healthcare Investments, Foresite Capital, Menlo Ventures, OrbiMed, funds and accounts advised by T. Rowe Price Associates, Inc., Northpond Ventures, Samsara BioCapital, Rock Springs Capital, AV8 Ventures, Illumina Ventures, Osage University Partners, and Windham Venture Partners.

The company’s goal is to develop affordable liquid biopsy tests. To that end, proceeds from the financing will be used to development and commercialization of high-quality and accessible blood tests for single cancer early detection, multi-cancer early detection, and treatment monitoring.

Peter Bach, Delfi’s CMO described how the company’s approach is different from other liquid biopsy specialists. He noted that rather than looking for relatively scarce signs of cancer found in DNA mutations or methylation changes within narrow regions of the genome, Delfi analyzes cell-free DNA fragments across the entire genome. This allows for a single, low-cost, and straightforward lab process for any test developed on the platform. When combined with breakthroughs in machine learning, the Delfi platform can deliver high-performing results for multiple applications.

Delfi is currently validating the technology for early detection of lung and other cancers in a 15,000-person prospective trial called CASCADE-LUNG, and is working with multiple research institutions to develop additional applications including screening for other cancer types, multi-cancer early detection, and treatment monitoring.

"Cancer is a global public health problem and addressing it requires a solution that is accessible around the world," Victor Velculescu, MD, PhD, Delfi's CEO and Founder, said in a release. "We believe our approach is uniquely capable of delivering high performing, cost effective, and clinically relevant tests for multiple applications to meet the needs of patients and providers everywhere."