Cancer detection technology startup Adela announced it secured $48 million in funding, bringing its total raise to $108 million.
Labcorp joined the round as a new investor alongside existing investors OrbiMed, Decheng Capital, F-Prime Capital, Deerfield Management and RA Capital Management.
Adela also added Lisa Alderson as its interim CEO. Alderson has served on the company’s board of directors since 2022. Former CEO Scott Bratman will move to the position of president and join the company’s board of directors.
WHAT THEY DO
The Toronto-based company’s genome-wide methylation analysis technology is used for the early detection of cancer as well as diagnosis and management. The platform captures biologic-relevant genomic data to inform treatment decisions.
The funding will be used to advance the company’s technology. Adela will also use the proceeds to commercialize its tissue-agnostic measurable residual disease (MRD) product and continue developing its multi-cancer early-detection product, both of which are based on its methylation enrichment platform.
“Adela’s genome-wide platform expands the potential opportunity for MRD testing through a novel methylome approach,” Dr. Shakti Ramkissoon, vice president and head of medicine for Oncology at Labcorp, said in a statement. “Bringing this highly differentiated offering to market means oncologists and patients will have a better understanding of MRD and how it impacts patients with cancer. Additionally, Adela’s work on multi-cancer early detection is exciting and has the potential to revolutionize the way early-stage cancer is detected.”
Adela launched in 2021 with $60 million in Series A funding. The platform was developed by the company’s current chief scientific officer, Dr. Daniel De Carvalho, at University Health Network’s Princess Margaret Cancer Centre in collaboration with Sinai Health System investigators.
Another institution utilizing genome technology in oncology is the Indian Institute of Technology in Madras, which developed an AI prediction tool dubbed PIVOT to detect cancer-causing genes in individuals.
South Korean company Lunit develops AI software designed to discover cancer and predict cancer treatment outcomes, including its tissue analysis software Lunit SCOPE, which helps to identify patients who would respond to immunotherapy.