Foresight Diagnostics Expands Series B Financing to $73.75 Million to Advance the Foresight CLARITY™ MRD Platform
BOULDER, Colo., July 30, 2024 (GLOBE NEWSWIRE) — 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 Contact
Mary Stewart
press@foresight-dx.com and Mary.stewart@foresight-dx.com
