Foresight Diagnostics Expands Series B Financing to $73.75 Million to Advance the Foresight CLARITY™ MRD Platform
30 Julio 2024 - 6:00AM
Foresight Diagnostics, Inc. (“Foresight”), a leading diagnostics
company specializing in the development of ultra-sensitive minimal
residual disease (MRD) detection, today announced the closing of
$33 million in new capital from existing investors Foresite
Capital, Civilization Ventures, Bluebird Ventures, Pear Ventures,
Agent Capital, Stanford University, and University of Colorado
Healthcare Innovation Fund. The additional funds will support
advancement of Foresight CLARITY™, the Company’s ultrasensitive
liquid biopsy MRD testing platform in lymphoma, in addition to
solid tumor evidence generation. To date, the company has raised
$86 million in venture financing.
Jake Chabon, Ph.D., CEO and co-founder of
Foresight Diagnostics, commented, “In completing Foresight’s Series
B financing and extension round during this exciting and
transformative period, we are delighted to have earned the
unwavering confidence of our Series A and B investors. We used the
initial tranche of Series B funding to solidify our business
infrastructure: investing in automation, building out our new
laboratory in Boulder, and bolstering our team and technologies
with the capabilities we need to secure future partnerships. We now
have the necessary capital to continue advancing our Foresight
CLARITY MRD testing platform in both lymphomas and solid tumors as
we progress towards our goal of improving the lives of cancer
patients worldwide.”
Uplaksh Kumar, PhD, member of Foresight’s board
of directors and a Venture Partner at Foresite Capital, the lead
Series B investor, commented, “Foresight is rapidly moving the
field of MRD forward. This additional investment in the company’s
future will allow them to generate the evidence to position MRD as
a tool for clinical decision-making at critical landmarks. We are
excited to see the continued progress and opportunities the
Foresight team is creating in oncology and for patients.”
Foresight recently initiated its first
prospective clinical trial in partnership with Allogene
Therapeutics, the pivotal Phase 2 ALPHA3 trial. The trial will
screen newly diagnosed LBCL patients who are likely to relapse
after standard first line treatment for enrollment in the trial
using the Foresight CLARITY™ Investigational Use Only (IUO) MRD
test, powered by PhasED-Seq™, which recently received
Investigational Device Exemption (IDE) approval from the U.S. Food
and Drug Administration (FDA).
About Foresight Diagnostics
Foresight Diagnostics is a privately held cancer
diagnostics company and CLIA-registered laboratory. Its liquid
biopsy platform, Foresight CLARITY™, is a novel assay that measures
minimal residual disease (MRD) with reported detection limits in
parts per million. The improved sensitivity of Foresight CLARITY
has the potential to provide actionable information to physicians
and biopharmaceutical companies to enable more personalized
treatment approaches for patients with solid tumor and hematologic
malignancies.
For more information, please visit
foresight-dx.com and follow us on X and LinkedIn. Foresight CLARITY
IUO is an investigational device. Limited by United States Law to
investigational use.
About PhasED-Seq
The Foresight CLARITY™ MRD Detection
platform is based on the Phased Variant Enrichment and Detection by
Sequencing (PhasED-Seq™) technology. PhasED-Seq lowers the error
profile of mutation detection in sequencing data by requiring the
concordant detection of two separate non-reference events in an
individual DNA molecule. By detecting more than one mutation,
PhasED-Seq can more accurately distinguish tumor-derived cell free
DNA (i.e., ctDNA) from healthy cell free DNA – enabling detection
of ctDNA at levels below one part-per-million (<0.0001%).
PhasED-Seq has been extensively tested in thousands of patient
samples.
Media and Investor ContactMary
Stewartpress@foresight-dx.com and Mary.stewart@foresight-dx.com