California, USA-based innovator in blood testing for minimal residual disease monitoring and early cancer detection through a genome-wide methylome approach, Adela raised USD 48 million in funding. The company announced the investment on September 25, 2023. Existing investors such as F-Prime Capital, OrbiMed, Deerfield Management, Decheng Capital, and RA Capital Management provided the investment. New investor Labcorp, a global leader in innovative and comprehensive laboratory services, also joined in the round. The total funding raised by the firm amounts to USD 108 million.
In addition, the company announced the appointment of Lisa Alderson as interim Chief Executive Officer (CEO), succeeding Dr. Scott Bratman. Dr. Bratman, however, will continue to serve as a member of Adela’s Board of Directors and as President.
Purpose of financing for Adela
With the latest financing Adela seeks to further advance its technology platform. It also has plans to commercialize its first product for MRD monitoring. Adela’s tissue-agnostic MRD monitoring product leverages a genome-wide methylome enrichment platform, which efficiently captures extensive, biologically relevant genomic information to maximize test performance and improve treatment decisions.
In addition, the company intends to invest in the development of the company’s multi-cancer early detection (MCED) product based on the same platform.
What the company’s official has to add
David Scheer, Chairman of Adela’s Board of Directors, said, “We are excited to grow Adela to the next level with this new financing and the addition of Ms. Alderson’s expertise in commercializing healthcare products and scaling companies for growth. We look forward to bringing Adela’s MRD offering to market so that it can benefit patients”.
In addition, Lisa Alderson, Interim CEO, Adela, said, “During my tenure on the Board of Directors of Adela, I have been highly impressed with the talent, dedication, and passion of the Adela team, as well as with the unique ability of its genome-wide methylome enrichment platform to access expansive biological information cost-efficiently. This round of financing enables us to prepare operationally to commercialize products that hold the potential to improve care for millions of people with cancer”.
What the investors have to comment
Shakti Ramkissoon, M.D., Ph.D., Vice President and Head of Medicine for Oncology at Labcorp, said, “Adela’s genome-wide platform expands the potential opportunity for MRD testing through a novel methylome approach. 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. It has the potential to revolutionize the way early-stage cancer is detected.”
About the company
Daniel Carvalho, Maneesh Jain and Scott Bratman launched the company in 2020. Adela’s Chief Scientific Officer, Daniel De Carvalho, PhD in collaboration with investigators at Sinai Health System, developed the company’s platform. Adela is in the process of developing best-in-class technology. It aims to accelerate the diagnosis and improve the management of cancer through blood tests for minimal residual disease (MRD) monitoring and multi-cancer early detection (MCED).
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