The funding will support commercial expansion of the company’s blood-based diagnostic tests and the appointment of a new president and chief operating officer.
ClearNote Health has closed a $52 million Series D financing round to accelerate the development and commercialization of its noninvasive early cancer detection tools.
The financing round brings the company’s total funding to more than $185 million. The round was led by founding investor Mattias Westman and a global active manager, with participation from Sandy Weill, ClearNote Health co-founder Dr Stephen Quake, and other US and international institutional investors.
Proceeds from the financing will support continued commercial expansion, operational scale-up, clinical study execution, and product development. The funds will also be used to increase global access to the company’s Avantect early cancer detection tests and the Virtuoso epigenomic drug development platform.
“This Series D financing validates our strong commercial momentum and differentiated platform, as well as the tremendous market opportunity in early cancer detection,” says Dave Mullarkey, CEO of ClearNote Health, in a release.
Leadership Expansion
Along with the financing, the company appointed Kevin Keegan as president and chief operating officer. Keegan has nearly 30 years of experience in the clinical diagnostics industry, including previous senior leadership roles at BD, Illumina, and Hologic. At Illumina, he served as general manager of oncology and led the launch of tumor profiling tests.
“ClearNote Health has a purpose-built platform that has the potential to fundamentally improve outcomes for patients at elevated risk of cancer by diagnosing disease earlier,” says Keegan, president and chief operating officer of ClearNote Health, in a release.
Detection Technology and Clinical Application
The company’s Avantect tests are blood-based diagnostics that utilize a multiomic approach and machine learning algorithms. The tests are designed to help clinicians identify early-stage cancers sooner, enabling more informed and timely clinical management decisions.
The funding follows the recent success of the company’s enhanced Avantect Pancreatic Cancer Test. According to ClearNote Health, the test features high overall cancer detection sensitivity and specificity for patients at elevated risk.
“The potential to detect cancer earlier through epigenomic signals in blood is incredibly compelling, and the team has continued to execute with focus, scientific rigor, and a real sense of purpose,” says Westman, founding investor, in a release.
