Grail Raises $300M in Series C Round
Industry news | 28 June, 2018 | CACLP
Grail has raised $300 million in a Series C financing round that wasoversubscribed, according to the firm.Ally Bridge Group led the round alongwith Hillhouse Capital Group and 6 Dimensions Capital. Blue Pool Capital, ChinaMerchant Securities International, CRF Investment, HuangPu River Capital, ICBCInternational, Sequoia Capital China, and WuXi NextCODE also contributed.
This is Grail's third financing round since 2016, and it has raised morethan $1.5 billion. The latest financing will support development and validationof its early cancer detection products.
Grail was launched in early 2016 by Illumina with $100 million in fundingfrom that firm as well as Arch Venture Partners, Bezos Expeditions, Bill Gates,and Sutter Hill Ventures. It raised a further $900 million in a Series B roundin early 2017 and used some of that money to buy back part of Illumina's stakein the firm.
Jennifer Cook, Grail's CEO, said in a statement that the firm has enrolledmore than 73,000 participants in its two clinical studies and is "on trackto complete both clinical studies this year." In addition, she said, Grail"recently reported data supporting the potential for development of ahighly specific and sensitive blood test, and are now continuing ourdevelopment programs to optimize and validate a product for early detection ofmultiple cancer types."
Grail President Ken Drazan added that the firm plans to launch its firstproduct in Hong Kong this year for the early detection of nasopharyngealcancer. A team from the Chinese University of Hong Kong described the test'sanalytical performance last week in the Proceedings of the National Academy ofthe Sciences.
Rumors have been circulating in recent monthsthat Grail plans to go public in Hong Kong, though a filing for such anoffering has yet to materialize.
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