Grail, the Illumina (NASDAQ: ILMN) spinout that merged last year with China’s Cirina, has raised an additional $300 million to advance its ambitious quest to develop a blood test sensitive enough to detect cancer.
The Hong Kong-based Ally Bridge Group led the Series C financing round, which brings total funding for Grail to more than $1.5 billion since early 2016, according to a statement Monday. Other investors identified by the company in the round are Hillhouse Capital Group, 6 Dimensions Capital, Blue Pool Capital, China Merchant Securities International, CRF Investment, HuangPu River Capital, ICBC International, Sequoia Capital China, and WuXi NextCODE.
The cash infusion comes a little more than a year after Grail raised $900 million in a Series B round of financing. Grail said the new funding would be used to bolster the company’s balance sheet and support ongoing development and validation of its blood test for early detection of cancer. Grail said it has enrolled more than 73,000 patients in two large-scale clinical studies, which are both on track to complete enrollment this year.
Pancreatic cancer cells, image from National Cancer Institute