Mercy BioAnalytics Announces $59 Million Series B Financing to Advance Early Cancer Detection Programs

Original from: Mercy BioAnalytics

Mercy BioAnalytics, Inc., a pioneer in extracellular vesicle-based liquid biopsies for the early detection of cancer, today announced the closing of a $59 million series B financing. The round was co-led by Novalis and Sozo Ventures, with participation from Perceptive Xontogeny Venture Funds, American Cancer Society BrightEdge, and iSelect Fund, as well as funds committed to women’s health and leadership including Portfolia, Avestria Ventures, and Mindshift Capital. The round also included significant participation from strategic investors including Hologic, Bruker Scientific, and Labcorp.

Coincident with the financing, Mercy is pleased to welcome Rob Freelen to the Board of Directors. A Managing Director and investment partner at Sozo Ventures, Mr. Freelen brings a wealth of experience as a seasoned Director, successful entrepreneur and former executive at Silicon Valley Bank. “Sozo is proud to co-lead this round and help usher in a new generation of cancer diagnostics with the potential to save lives at scale.”

The financing will support the commercialization of Mercy’s blood-based ovarian cancer test portfolio, designed to detect ovarian cancer at earlier, more treatable stages across multiple indications. The Mercy Halo ovarian cancer screening test exhibits unprecedented sensitivity and specificity for the detection of pre-clinical high grade serous ovarian carcinoma in post-menopausal women based on a blinded evaluation of samples from a randomized controlled trial.

The funds will additionally enable the expansion of the Mercy Halo portfolio, including multi-cancer and lung cancer screening tests.

“This financing accelerates our efforts to bring transformative early cancer detection tests to patients and providers,” said Dawn Mattoon, Ph.D., Chief Executive Officer of Mercy. “We are grateful for the support of our investors and proud to partner with those who share our mission to save lives and relieve suffering through the early detection of cancer.”

“We believe Mercy is building one of the most promising early detection platforms in oncology,” said Paul Meister, Partner at Novalis. “Their technology addresses a critical gap in current cancer screening, and we’re excited to support the team as they continue to deliver on critical regulatory, clinical, and commercial milestones.”

Source: Mercy BioAnalytics Announces $59 Million Series B Financing to Advance Early Cancer Detection Programs