Healthcare Industry News: HSMN NewsFeed
News Release - July 28, 2021
Strata Oncology Completes $90 Million Series C FinancingFunding will accelerate ongoing development of tissue and blood tests to broaden the reach and impact of precision medicine for patients with cancer
ANN ARBOR, Mich., July 28, 2021 -- (Healthcare Sales & Marketing Network) -- Strata Oncology, Inc., a precision oncology company advancing molecular indications for cancer therapies, today announced the completion of a $90 million Series C financing, bringing the company's total financing to over $130 million since the company's inception. The proceeds will be used to accelerate the development of Strata Oncology's personalized minimal residual disease (MRD) assay for early-stage cancers and advance its pipeline of novel RNA-based treatment selection tests for solid tumors.
Wellington Management led the financing and was joined by other new investors including Cormorant Asset Management, Monashee Investment Management and Highside Capital Management. Strata Oncology's existing investors, including Pfizer Ventures, Merck Global Health Innovation Fund, Arboretum Ventures, Deerfield Management, Baird Capital and Renaissance Venture Capital Fund also participated in the financing. J.P. Morgan served as sole placement agent to Strata Oncology on the financing.
"We are grateful to our new and existing investors for their commitment to our bold mission of delivering the best possible treatment for each patient, as early as possible," said Dan Rhodes, Ph.D., co-founder and Chief Executive Officer, Strata Oncology. "This financing will enable us to increase our investment in our platform, programs, and team, as we combine highly sensitive MRD testing with DNA and quantitative RNA-informed treatment selection testing."
The financing supports Strata Oncology's efforts to expand its comprehensive genomic and transcriptomic profiling platform to deliver a portfolio of industry-leading treatment selection tests for solid tumors. The company's platform, which integrates comprehensive genomic profiling and highly quantitative RNA expression profiling, enables comprehensive molecular insights from a single, minute tumor tissue specimen. In a recent study shared at the 2021 American Society of Clinical Oncology Annual Meeting, Strata Oncology demonstrated the potential of its platform, identifying a new multifactorial biomarker that can predict immune checkpoint inhibitor benefit.
About Strata Oncology
Strata Oncology, Inc. is a precision oncology company dedicated to delivering the best possible treatment for each patient with cancer. The company combines molecular profiling, real-world data, and a large-scale clinical trial platform to identify and deliver optimal treatments for patients with cancer. StrataNGS® is a comprehensive genomic profiling test that features the lowest tumor tissue requirements in the industry so that more patients can get the results and treatments they need. For more information visit strataoncology.com.
Source: Strata Oncology
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