Caris Life Sciences Secures $168M Funding for Precision Medicine Expansion

Caris Life Sciences, a leader in precision medicine, has successfully raised $168 million in a new funding round to support the growth of its innovative platforms. This latest financial boost comes on the heels of the FDA's approval of the company's multi-cancer companion diagnostic test in November 2024.

Funding Details and Investor Support

The financing round was spearheaded by returning investor Braidwell, with additional contributions from prominent firms including Perceptive Advisors, Woodline, Ghisallo, Millennium Management, and First Light Asset Management. This recent influx of capital brings Caris' total funding to an impressive $1.86 billion since 2018, underscoring the industry's confidence in the company's precision medicine approach.

Narendra Nayak, Partner at Braidwell, expressed enthusiasm for the continued partnership, stating, "We believe Caris is well-positioned as a precision medicine leader in this dynamic sector. Caris has continued to advance its position among physicians, patients and biopharma partners as a trusted provider, molecular science leader and innovator."

Advanced Diagnostic Technologies

At the heart of Caris' recent success is the MI Cancer Seek assay, which received FDA approval in November 2024. This cutting-edge diagnostic tool examines 228 tumor genes, utilizing both whole exome and whole transcriptome sequencing to detect single nucleotide variants, insertions, deletions, microsatellite instability status, and tumor mutational burden.

The MI Cancer Seek assay's comprehensive approach enables oncologists to identify eligible patients for targeted treatments across various cancer types. Notable applications include:

• Breast cancer: Pairing with Novartis' Piqray (alpelisib) for PIK3CA mutations
• Colorectal cancer: Matching patients with Amgen's Vectibix (panitumumab) for wild-type KRAS and NRAS, and a combination therapy of Pfizer's Braftovi (encorafenib) and Eli Lilly's Erbitux (cetuximab) for BRAF V600E-positive cases
• Melanoma: Identifying candidates for Novartis' Mekinist (trametinib) and other BRAF/MEK inhibitors
• Non-small cell lung cancer: Guiding the use of tyrosine kinase inhibitors for specific EGFR mutations

Expanding Precision Medicine Portfolio

In addition to MI Cancer Seek, Caris has further broadened its precision medicine offerings with the launch of the Caris Assure plasma blood test in 2024. This innovative test aims to enhance cancer therapy selection by tracing genetic mutations to their origin, addressing the critical need for accurate mutation identification in treatment decision-making.

David Halbert, founder and CEO of Caris Life Sciences, emphasized the company's forward-looking strategy: "This raise will help us bring our market-leading science and technologies to as many patients as possible and further our goal of revolutionizing precision medicine. We plan to unlock the full potential of precision medicine by comprehensively interrogating cancer at the molecular level and enabling the delivery of transformative applications of molecular science."

As Caris Life Sciences continues to advance its position in the precision medicine landscape, the substantial funding and expanding portfolio of diagnostic tools signal a promising future for personalized cancer care and targeted therapies.