Last month, we reported that Illumina spin-out Grail was looking to raise up to $1.8 billion for its series B. That’s an unprecedented amount of money for a biotech startup.
Sources told us that the company would be using the money for a large-scale clinical trial in the United Kingdom to demonstrate the efficacy of Grail’s technology, which is aiming to serve as an early-stage screening test for cancer. If it can do it, that’s a game-changer.
Grail confirmed that it is raising in excess of $1 billion today from undisclosed private and strategic investors. Illumina will eventually own less than 20% of the company.