Thrive Earlier Detection Closes on $257 million in Series B Financing

Jul 31, 2020 | Investor Watch, News

Thrive Earlier Detection Closes on $257 million in Series B Financing

Thrive Earlier Detection  announced that it has raised $257 million in a Series B financing. The round was led by Casdin Capital and Section 32, with participation from new investors Bain Capital Life Sciences, Brown Advisory, Driehaus Capital Management, Intermountain Ventures, Janus Henderson Investors, Lux Capital, Moore Strategic Ventures, Perceptive Advisors, Rock Springs Capital, Sands Capital, funds and accounts advised by T. Rowe Price Associates, Inc., and other undisclosed investors. All of Thrive’s Series A investors returned to participate in the Series B financing. Thrive also announced that Eli Casdin has been appointed to the board of directors.

Proceeds from the financing round will be used to advance CancerSEEK, a liquid biopsy test designed to detect multiple cancers at earlier stages of disease, into registrational trials. 

“Since our founding in 2019, Thrive has continued to make tremendous progress in our pursuit towards changing the face of cancer,” said David J. Daly, chief executive officer of Thrive. “In April, we published data from the first ever prospective and interventional study of a multi-cancer screening test in an asymptomatic population. Our blood test more than doubled the number of cancers first detected by screening, enabling better outcomes and, in some cases, potential cure for these patients. With this financing, we are well-positioned to advance our test into a robust registrational trial and continue to work closely with key stakeholders to remove barriers to ensure timely access, including future reimbursement for CancerSEEK.”

Thrive strives to incorporate CancerSEEK into routine medical care in an effort to detect more cancers at earlier stages when they can be more effectively treated and, in many cases, cured. Today, the vast majority of people are diagnosed only after symptoms appear, often coinciding with late stage, metastatic disease, and poor outcomes. CancerSEEK, used in combination with standard-of-care screening tests has the potential to shift this paradigm to a new reality where the majority of cancers, including many with no screening options today, are diagnosed through screening and at earlier stages.

“We are proud to partner with a diverse group of world class investors who share in our vision to make earlier detection of cancer an accessible and affordable part of our healthcare system,” said Steven J. Kafka, Ph.D., chairman of Thrive and managing partner at Section 32. “We are also thrilled to welcome Eli Casdin to our board of directors. Eli has deep and broad expertise in diagnostics and biotech, and he will provide tremendous value to Thrive.”

Mr. Casdin has spent the last 17 years focused on and investing in disruptive technologies and business models across life sciences and healthcare. In 2011, he founded Casdin Capital, a life science technology investment firm to provide growth equity to private and public companies throughout the industry continuum.

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