Natick life sciences firm raises $41M for cancer-detecting liquid biopsy tech
Photo | Courtesy of Mercy BioAnalytics
Mercy BioAnalytics CEO Dawn Mattoon
Mercy BioAnalytics, a life sciences company born in Cambridge and now based in Natick, has closed a $41 million Series A financing round.
Financing will be for further development and commercialization of the company’s of the primary technology, the Mercy Halo test, which uses liquid biopsies in pursuit of the early detection of cancer.
The round was led by New Hampshire-based Novalis LifeSciences, Sozo Ventures in California, Hatteras Venture Partners in North Carolina, iSelect Fund in Missouri, American Cancer Society’s BrightEdge, the investing arm of the Atlanta-based nonprofit, and Broadway Angels, an all-women venture capital group based in San Francisco, according to a Tuesday press release.
The Mercy Halo test, which the funding will support for its high-risk lung cancer screening, is the company’s leading product. The platform is designed to detect stage I cancer, when it is most treatable. The company is additionally focused on early diagnostics of ovarian cancer, for which 80% of cases are diagnosed at stage III or later, according to the press release. Down the road, the aim is to leverage the technology for a broad range of cancers.
“Cancer remains a leading cause of death globally, and liquid biopsy-based screening represents a meaningful opportunity to address barriers that contribute to disparities in early cancer detection, including in medically underserved populations. We believe the Mercy Halo testing platform is uniquely capable of delivering high-performing, broadly accessible cancer screening across all communities. A simple, inexpensive blood-based screening test could be a vital new tool to significantly increase patient engagement in lung cancer screening, creating the opportunity to save lives through early detection,” Dawn Mattoon, Mercy BioAnalytics CEO, said in the press release.
Mattoon joined Mercy BioAnalytics in July and became CEO in February.
Labcorp in Burlington, North Carolina, and Billerica-based Bruker also invested in the round, as well as previously established private investors, according to the release.
WBJ Web Partners
Most Recent
Most Recent
0 Comments