Grail, a liquid biopsy specialist, is bringing in $390 million in a series D round.
New investors including the Public Sector Pension Investment Board (PSP Investments) and Canada Pension Plan Investment Board (CPP Investments), as well as two undisclosed investors, joined existing backers including Illumina in this round of funding.
“Grail is making significant progress with our blood-based, multi-cancer early detection test,” Grail CEO Hans Bishop said in a release. “Nearly 80% of cancer deaths result from cancers for which there is no screening test today, and Grail’s mission is to change that through the early detection and localization of more than 50 cancers. Enabling this through a single blood draw could improve patient access and adherence to cancer screening and address disparities in cancer care by improving access for rural, vulnerable, and under-served populations. We are delighted that such a high-quality group of investors share our vision and recognize the public health benefits of our technology.”
The financing comes a few months after Menlo Park, CA-based Grail initiated its PATHFINDER study, which is an IDE to evaluate the company’s early cancer detection test. The study will enroll about 6,200 participants across several health systems.
PATHFINDER is significant because it will mark the first time Grail’s test results will be returned to healthcare providers and communicated to participants to help guide appropriate diagnostic workups for more than 50 cancer types.
Grail, which was spun out from Illumina, has been known to raise the bar when it comes to financing rounds. Right out of the gate, Grail raised more than $100 million in a series A round. To date, the company has raised about $1.9 billion of equity financing. The huge funding rounds are needed for the massive scope of Grail’s clinical trials.