Strata Oncology, a precision oncology platform company based in Ann Arbor, has announced the close of a $26 million Series B funding round.
“We are grateful to our early partners who have helped us demonstrate a new way forward in precision oncology,” says Dan Rhodes, CEO. “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.”
Strata will use the new funding to expand the Strata Precision Oncology Network, a group of health systems adopting Strata’s platform to systemize tumor molecular profiling and precision therapy trials; further develop the company’s clinical genomic data and software solutions; launch the Pan-cancer molecular Analysis for cancer THerapy study, a Strata-sponsored master therapeutic protocol to support rapid and cost-effective indication expansion studies for on-market pharma drugs; and submit the company’s tumor molecular profiling assay, StrataNGS, for approval by the United States Food and Drug Administration. StrataNGS includes actionable DNA and RNA biomarkers and will be expanded to include tumor mutational load.
“We believe that data is the future currency of healthcare,” says Prem Tumkosit, investment principal at Merck Global Health Innovation Fund, one of Strata’s new investors. “Strata’s platform will generate and leverage clinical-genomic data to drive precision trial enrollment and advance cancer care.”
Other new investors include Pfizer Ventures, Deerfield Management, and Renaissance Venture Capital Fund. Arboretum Ventures and Baird Capital are existing investors.
“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,” says Bill Burkoth, executive director at Pfizer Ventures. “We look forward to working with the company to achieve its goal of transforming precision oncology.”
Strata Oncology works to systemize precision oncology across a network of health systems and pharma companies.