GRAIL Closes Over $900 Million Initial Investment in Series B Financing to Develop Blood Test to Detect Cancer Early
GRAIL, Inc., a life sciences company located in Menlo Park, California, has raised over $900 million in funding after the initial close of its Series B financing, led by ARCH Venture Partners. Goldman, Sachs & Co. has been selected as the placement agent for the financing.
This first close includes world-class investors in the pharmaceutical, technology, and financial industries. In addition to funding from ARCH Venture Partners, GRAIL is also being invested in by McKesson Ventures, Johnson & Johnson Innovation – JJDC, Amazon, and many other world-class companies.
GRAIL’s mission is to detect cancer early, when it can be cured. “We envision a global community that benefits from early stage cancer detection and more cures, and for fewer individuals to face the anguish of late stage diagnosis and devastating outcomes,” said Jeff Huber, GRAIL’s Chief Executive Officer.
The company intends to use the financing to continue product development and validation of a blood test for early stage cancer detection, as well as large-scale clinical trials.
GRAIL’s Chief Business Officer, Ken Drazan, commented, “This cadre of world-class investors is a testament to their shared belief in our goal to reduce global cancer mortality through early detection.” He continued, “Notably, the financing includes a broad spectrum of pharmaceutical and technology companies who, in the second close, will be joined by successful institutional investors in the life science space – all of whom agree that innovation is at the core of the contributions we endeavor to make to global health systems.”
Read the full press release here.