Strata Oncology Secures $26 Million in Series B Funding, Led by Pfizer and Merck
Strata Oncology, a precision oncology platform company, today announced the close of a $26 million USD Series B funding round. New investors Pfizer Ventures, Merck Global Health Innovation Fund, Deerfield Management and Renaissance Venture Capital Fund were joined by existing investors Arboretum Ventures and Baird Capital.
Strata Oncology will use the new funding to:
Expand the Strata Precision Oncology Network, a group of leading health systems adopting Strata's platform to systematize tumor molecular profiling and precision therapy trials.
Further develop the company's clinical-genomic data and software solutions to streamline health system precision oncology workflows and catalyze new clinical research opportunities.
Submit the company's tumor molecular profiling assay, StrataNGS, for approval by the US Food and Drug Administration. StrataNGS includes actionable DNA and RNA biomarkers and will be expanded to include tumor mutational load.
Launch the Pan-cancer molecular Analysis for cancer THerapy (PATH) study, a Strata-sponsored master therapeutic protocol, to support rapid and cost-effective indication expansion studies for on-market pharma drugs.
"We are grateful to our early partners who have helped us demonstrate a new way forward in precision oncology," said Dan Rhodes, PhD, CEO of Strata Oncology. "And now with this funding, we're eager to take our offerings to the next level so that we can further enable our health system partners and deliver a truly differentiated solution for pharma drug development."
"We believe that data is the future currency of healthcare," added Prem Tumkosit, Investment Principal at Merck Global Health Innovation Fund. "Strata's platform will generate and leverage clinical-genomic data to drive precision trial enrollment and advance cancer care."
"We've been very impressed with Strata Oncology's effort in building a comprehensive solution that meets the needs of both health systems and biopharma research," said Bill
Burkoth, Executive Director at Pfizer Ventures. "We look forward to working with the company to achieve its goal of transforming precision oncology."