Another Ann Arbor-based startup has landed another large round of venture capital investment. This time it’s Strata Oncology's turn to secure a Series A investment. The $12 million infusion will allow them to further develop their tumor sequencing technology.
Strata Oncology is currently conducting clinical trials for Strata Trial, which will provide no-cost tumor sequencing for 100,000 cancer patients that will characterize the mutations that caused their cancer. The company will then use that information to offer a portfolio of precision-medicine clinical trials that target a wide range of these mutations, with the goal of maximizing the chances that a patient matches to a trial.
"For most cancer patients in the U.S., tumor sequencing is not standard of care, so patients remain unaware of their eligibility for promising precision medicine clinical trials," says Dan Rhodes, co-founder and CEO of Strata Oncology
. "By providing no-cost tumor sequencing for 100,000 cancer patients, Strata intends to be the catalyst, helping patients find the right trials and helping pharma find the right patients."
Strata Oncology aims to dramatically expand late stage cancer patients' access to tumor sequencing and precision medicine trials and to accelerate the approval and availability of breakthrough cancer medicines. The idea is to maximize the patient's chances of survival.
Ann Arbor-based Arboretum Ventures and Baird Capital co-led Strata Oncology's Series A. Ann Arbor-based Michigan eLab also participated in the funding round.
Source: Strata Oncology
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.