Thrive Earlier Detection Corp., a Cambridge, MA-based company dedicated to extending and saving lives by incorporating earlier cancer detection into routine medical care, raised $257m in Series B financing.
The round was led by Casdin Capital and Section 32, with participation from new investors Bain Capital Life Sciences, Brown Advisory, Driehaus Capital Management, Intermountain Ventures, Janus Henderson Investors, Lux Capital, Moore Strategic Ventures, Perceptive Advisors, Rock Springs Capital, Sands Capital, funds and accounts advised by T. Rowe Price Associates, Inc., and other undisclosed investors. All of Thrive’s Series A investors returned to participate in the Series B financing. Thrive also announced that Eli Casdin has been appointed to the board of directors.
Mr. Casdin has spent the last 17 years focused on and investing in disruptive technologies and business models across life sciences and healthcare. In 2011, he founded Casdin Capital, a life science technology investment firm to provide growth equity to private and public companies throughout the industry continuum.
The company intends to use the funds to advance its test into a registrational trial and continue to work closely with key stakeholders to remove barriers to ensure timely access, including future reimbursement for CancerSEEK.
Led by David J. Daly, chief executive officer, Thrive Earlier Detection is a healthcare company focused on incorporating earlier cancer detection into routine medical care to extend and save lives. The company is developing CancerSEEK, a liquid biopsy test that is designed to detect many cancers at earlier stages of disease. CancerSEEK, used in combination with standard-of-care screening tests, has the potential to shift this paradigm to a new reality where the majority of cancers, including many with no screening options today, are diagnosed through screening and at earlier stages.