On April 27, 2023, Foresight Diagnostics, Inc, a leading developer of ultrasensitive cancer detection tests, announced the close of an oversubscribed Series B financing round of $58.75 million. The financing was led by Foresite Capital, with participation by Civilization Ventures, Bluebird Ventures, Pear Ventures, Agent Capital, Stanford University, and The University of Colorado Healthcare Innovation Fund. Wilson Sonsini Goodrich & Rosati advised Foresight on corporate, IP, licensing, and business advisory matters related to the transaction.

The proceeds will be used to accelerate the clinical development and commercialization of Foresight Diagnostics' cancer recurrence testing platform, PhasED-Seq™. Foresight's patented PhasED-Seq technology leverages the sequencing of phased variants for ultrasensitive and highly specific detection of circulating tumor DNA (ctDNA). The company has also expanded their efforts to demonstrate the utility of their MRD testing platform in patients with solid tumors. At the annual meeting of the American Association for Cancer Research, Foresight presented data generated using their "Solid Tumor Recurrence Test" showing that PhasED-Seq achieved a high confidence limit of detection (LOD95) of one part-per-million or below in the majority of blood samples. This improvement in analytical sensitivity corresponded to an approximately two-fold improvement in clinical sensitivity for MRD detection following surgery in patients with early-stage lung cancer who later relapsed compared to prior results generated using first generation SNV-based MRD approaches.

The Wilson Sonsini team that advised Foresight Diagnostics on corporate, IP, licensing, and business advisory matters related to the transaction included Brent Fassett, Maya Skubatch, James Huie, Vern Norviel, Matthew Meyer, Derek Wallace, James Kim, Rana Eid, Rex Watkins, Nika Antonikova, Evan Abbaszadeh, and Rachel Wilson.

For more information, please see Foresight Diagnostics' press release.