Freenome, a maker of blood-based cancer tests, will lay off more than 100 employees, or 20% of its workforce, a spokesperson for the company told Endpoints News.
The job cuts come after Freenome raised $254 million in financing in February, bringing its funding total to $1.3 billion since the company’s founding in 2014. A spokesperson for Freenome said in a statement the restructuring will “better align with our strategic priorities.”
“As we continue to build our early cancer detection platform and portfolio of blood-based tests, we strive to direct and preserve our resources to align with our long-term success,” the spokesperson said.
South San Francisco-based Freenome seeks to detect cancer before patients show symptoms, with an early focus on colorectal cancer, the second-leading cause of cancer deaths. Freenome’s competitors include Grail, which Illumina has pledged to divest this quarter.