Mercy BioAnalytics has secured $59 million in a Series B funding round aimed at advancing its liquid biopsy technology for the early detection of cancer.
The round was co-led by Novalis and Sozo Ventures, with backing from Perceptive Xontogeny Venture Fund, American Cancer Society BrightEdge, and iSelect Fund. A number of women’s health-focused investors also took part, including Portfolia, Avestria Ventures and Mindshift Capital. Strategic investment was additionally provided by Hologic, Bruker Scientific and Labcorp.
Mercy, based in the United States, specialises in blood-based cancer screening with an initial emphasis on ovarian and lung cancers. Its flagship product, the Mercy Halo ovarian cancer test, is designed to identify disease in its earlier and more treatable stages. The test particularly targets pre-clinical high grade serous ovarian carcinoma in post-menopausal women.
“This financing accelerates our efforts to bring transformative early cancer detection tests to patients and providers,” said Dawn Mattoon, Ph.D., Chief Executive Officer of Mercy. “We are grateful for the support of our investors and proud to partner with those who share our mission to save lives and relieve suffering through the early detection of cancer.”
The new funding will be used to support the commercial rollout of Mercy’s ovarian cancer portfolio and to expand its platform to multi-cancer and lung cancer screening. Ovarian cancer is the most lethal form of gynaecological cancer, often diagnosed at later stages when treatment choices are limited.
According to the company, blinded analysis of samples from a randomised controlled trial shows the Mercy Halo test delivers both high sensitivity and specificity in detecting pre-clinical ovarian carcinoma. The test is built on a biomarker co-localisation approach, examining extracellular vesicles in blood that carry tumour-linked signatures from their originating cells. The aim is to spot cancers when they remain most treatable.
“We believe Mercy is building one of the most promising early detection platforms in oncology,” said Paul Meister, Partner at Novalis. “Their technology addresses a critical gap in current cancer screening, and we’re excited to support the team as they continue to deliver on critical regulatory, clinical, and commercial milestones.”
As part of the raise, Sozo Ventures Managing Director Rob Freelen has joined Mercy’s board. Freelen, previously an entrepreneur and executive at Silicon Valley Bank, brings additional industry and investment experience to the company.
Mercy’s research is focused on cancers with particularly poor survival rates when diagnosed late. Lung cancer remains the world’s deadliest cancer, causing more fatalities than breast and prostate cancers combined, while ovarian cancer’s high mortality rate is tied to its frequent detection only at advanced stages.
