{"id":1367,"date":"2017-01-05T21:22:34","date_gmt":"2017-01-05T21:22:34","guid":{"rendered":"https:\/\/grail.wpengine.com\/?post_type=press-release&p=1367"},"modified":"2021-01-16T00:36:52","modified_gmt":"2021-01-16T00:36:52","slug":"grail-plans-to-raise-in-excess-of-1b-in-series-b-funding","status":"publish","type":"press-release","link":"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/","title":{"rendered":"GRAIL Plans to Raise in Excess of $1B in Series B Funding"},"content":{"rendered":"

SAN DIEGO\u2013(BUSINESS WIRE)\u2013Illumina, Inc. (NASDAQ: ILMN), today announced that GRAIL has received indications of interest to invest approximately $1B for its Series B financing, primarily from undisclosed private and strategic investors. GRAIL intends to raise additional capital in the Series B financing from other investors and has engaged Goldman Sachs as a placement agent in connection with the contemplated additional financing. GRAIL intends to close the Series B prior to the end of the first quarter.<\/p>\n

GRAIL will use the proceeds for continued development and validation of their blood-based test for cancer screening, which will require large-scale clinical trials including the previously announced Circulating Cell-free Genome Atlas study as well as other trials that are expected to sequence hundreds of thousands of patients. Additionally, proceeds will be used to repurchase a portion of Illumina\u2019s stake.<\/p>\n

\u201cWe founded GRAIL a year ago to enable early cancer detection via a blood-based screening test powered by\u00a0<\/b>Illumina\u00a0<\/b>sequencing technology,\u201d said Jay Flatley, Executive Chairman of Illumina and current Chairman of GRAIL. \u201cThis raise, when completed, will provide GRAIL the resources to develop its first products and embark on the large-scale trials required to demonstrate the stringent performance requirements of a cancer screening test.\u201d<\/p>\n

Given the potential success of the Series B, and GRAIL\u2019s plan to aggressively invest that capital, Illumina has decided to accelerate their path to independence, which will result in GRAIL becoming one of Illumina\u2019s largest customers over time. Illumina will modify the supply and commercialization agreement with GRAIL to a market-based agreement and will no longer have representation on the Grail Board of Directors. As part of this transaction Illumina\u2019s ownership will become slightly less than 20 percent and GRAIL will be treated as a cost-method investment.<\/p>\n

\u201cWe are very excited about the progress the GRAIL team has made in the last year,\u201d said Francis deSouza, President and Chief Executive Officer of Illumina. \u201cThis capital allows GRAIL to take on the significant technology, market, and regulatory challenges of developing and validating a blood-based cancer screening test. This outcome maximizes value to Illumina by creating one of our largest customers of sequencing instruments and consumables over time, providing royalties on future GRAIL tests and through appreciation of our ownership interest.\u201d<\/p>\n

GRAIL\u2019s Chief Executive Officer, Jeff Huber, added, \u201cWe are honored to have world-class investors who support our goal of reducing global cancer mortality through early detection \u2014 especially the invaluable support we received from Illumina during our start-up phase \u2013 and we look forward to the next phase of our growth.\u201d<\/p>\n

About Illumina, Inc.<\/b><\/p>\n

Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as the global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit\u00a0www.illumina.com<\/a>\u00a0and follow @illumina.<\/p>\n

About GRAIL<\/b><\/p>\n

GRAIL is a life sciences company whose mission is to detect cancer early when it can be cured. GRAIL combines the power of high-intensity sequencing (ultra-broad and ultra-deep sequencing), leading-edge computer science, and large population-scale clinical studies to enhance the scientific understanding of cancer biology and develop a blood test for early-stage cancer detection. The company has secured over $100 million in Series A financing from Illumina, Inc. and ARCH Venture Partners, with participating investors including Bezos Expeditions, Bill Gates, Sutter Hill Ventures, and GV (formerly Google Ventures). For more information, please visit\u00a0www.grail.com<\/a>.<\/p>\n

Forward-Looking Statements<\/b><\/p>\n

This release contains forward-looking statements that involve risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements we make regarding the expected availability dates for new products and services and FDA submission dates and intentions for certain products and services. Important factors that could cause actual results to differ materially from those in any forward-looking statements include the risk that GRAIL is not able to raise the amounts contemplated in is its Series B financing to reduce Illumina\u2019s ownership stake below 20% and achieve the planned deconsolidation of GRAIL\u2019s financial results in Illumina\u2019s financials statements, challenges inherent in developing, manufacturing, and launching new products and services, and the other factors that are detailed in our filings with the Securities and Exchange Commission, including our most recent filings on Forms 10-K and 10-Q, or in information disclosed in public conference calls, the date and time of which are released beforehand. We do not intend to update any forward-looking statements after the date of this release.<\/p>\n

\n

 <\/p>\n

\n

Source:\u00a0Read Article on Business Wire<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

SAN DIEGO\u2013(BUSINESS WIRE)\u2013Illumina, Inc. (NASDAQ: ILMN), today announced that GRAIL has received indications of interest to invest approximately $1B for its Series B financing, primarily from undisclosed private and strategic investors. GRAIL intends to raise additional capital in the Series B financing from other investors and has engaged Goldman Sachs as a placement agent in […]<\/p>\n","protected":false},"featured_media":1303,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1367","press-release","type-press-release","status-publish","format-standard","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nGRAIL Plans to Raise in Excess of $1B in Series B Funding - GRAIL<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GRAIL Plans to Raise in Excess of $1B in Series B Funding - GRAIL\" \/>\n<meta property=\"og:description\" content=\"SAN DIEGO\u2013(BUSINESS WIRE)\u2013Illumina, Inc. (NASDAQ: ILMN), today announced that GRAIL has received indications of interest to invest approximately $1B for its Series B financing, primarily from undisclosed private and strategic investors. GRAIL intends to raise additional capital in the Series B financing from other investors and has engaged Goldman Sachs as a placement agent in […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/\" \/>\n<meta property=\"og:site_name\" content=\"GRAIL\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/grailbio\/\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-16T00:36:52+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/grail.com\/wp-content\/uploads\/2020\/12\/Mask-Group-26@2x-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"423\" \/>\n\t<meta property=\"og:image:height\" content=\"172\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@grailbio\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/\",\"url\":\"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/\",\"name\":\"GRAIL Plans to Raise in Excess of $1B in Series B Funding - GRAIL\",\"isPartOf\":{\"@id\":\"https:\/\/grail.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.grail.com\/wp-content\/uploads\/2020\/12\/Mask-Group-26%402x-1.jpg\",\"datePublished\":\"2017-01-05T21:22:34+00:00\",\"dateModified\":\"2021-01-16T00:36:52+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/#primaryimage\",\"url\":\"https:\/\/assets.grail.com\/wp-content\/uploads\/2020\/12\/Mask-Group-26%402x-1.jpg\",\"contentUrl\":\"https:\/\/assets.grail.com\/wp-content\/uploads\/2020\/12\/Mask-Group-26%402x-1.jpg\",\"width\":423,\"height\":172},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/grail.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GRAIL Plans to Raise in Excess of $1B in Series B Funding\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/grail.com\/#website\",\"url\":\"https:\/\/grail.com\/\",\"name\":\"GRAIL\",\"description\":\"Detect cancer early, when it can be cured\",\"publisher\":{\"@id\":\"https:\/\/grail.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/grail.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/grail.com\/#organization\",\"name\":\"GRAIL, LLC\",\"url\":\"https:\/\/grail.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/grail.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/assets.grail.com\/wp-content\/uploads\/2021\/01\/cropped-favicon-G.png\",\"contentUrl\":\"https:\/\/assets.grail.com\/wp-content\/uploads\/2021\/01\/cropped-favicon-G.png\",\"width\":512,\"height\":512,\"caption\":\"GRAIL, LLC\"},\"image\":{\"@id\":\"https:\/\/grail.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/grailbio\/\",\"https:\/\/x.com\/grailbio\",\"https:\/\/www.linkedin.com\/company\/grail-inc.\/\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"GRAIL Plans to Raise in Excess of $1B in Series B Funding - GRAIL","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/","og_locale":"en_US","og_type":"article","og_title":"GRAIL Plans to Raise in Excess of $1B in Series B Funding - GRAIL","og_description":"SAN DIEGO\u2013(BUSINESS WIRE)\u2013Illumina, Inc. (NASDAQ: ILMN), today announced that GRAIL has received indications of interest to invest approximately $1B for its Series B financing, primarily from undisclosed private and strategic investors. GRAIL intends to raise additional capital in the Series B financing from other investors and has engaged Goldman Sachs as a placement agent in […]","og_url":"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/","og_site_name":"GRAIL","article_publisher":"https:\/\/www.facebook.com\/grailbio\/","article_modified_time":"2021-01-16T00:36:52+00:00","og_image":[{"width":423,"height":172,"url":"http:\/\/grail.com\/wp-content\/uploads\/2020\/12\/Mask-Group-26@2x-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@grailbio","twitter_misc":{"Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/","url":"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/","name":"GRAIL Plans to Raise in Excess of $1B in Series B Funding - GRAIL","isPartOf":{"@id":"https:\/\/grail.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/#primaryimage"},"image":{"@id":"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/#primaryimage"},"thumbnailUrl":"https:\/\/assets.grail.com\/wp-content\/uploads\/2020\/12\/Mask-Group-26%402x-1.jpg","datePublished":"2017-01-05T21:22:34+00:00","dateModified":"2021-01-16T00:36:52+00:00","breadcrumb":{"@id":"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/#primaryimage","url":"https:\/\/assets.grail.com\/wp-content\/uploads\/2020\/12\/Mask-Group-26%402x-1.jpg","contentUrl":"https:\/\/assets.grail.com\/wp-content\/uploads\/2020\/12\/Mask-Group-26%402x-1.jpg","width":423,"height":172},{"@type":"BreadcrumbList","@id":"https:\/\/grail.com\/press-releases\/grail-plans-to-raise-in-excess-of-1b-in-series-b-funding\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/grail.com\/"},{"@type":"ListItem","position":2,"name":"GRAIL Plans to Raise in Excess of $1B in Series B Funding"}]},{"@type":"WebSite","@id":"https:\/\/grail.com\/#website","url":"https:\/\/grail.com\/","name":"GRAIL","description":"Detect cancer early, when it can be cured","publisher":{"@id":"https:\/\/grail.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/grail.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/grail.com\/#organization","name":"GRAIL, LLC","url":"https:\/\/grail.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/grail.com\/#\/schema\/logo\/image\/","url":"https:\/\/assets.grail.com\/wp-content\/uploads\/2021\/01\/cropped-favicon-G.png","contentUrl":"https:\/\/assets.grail.com\/wp-content\/uploads\/2021\/01\/cropped-favicon-G.png","width":512,"height":512,"caption":"GRAIL, LLC"},"image":{"@id":"https:\/\/grail.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/grailbio\/","https:\/\/x.com\/grailbio","https:\/\/www.linkedin.com\/company\/grail-inc.\/"]}]}},"_links":{"self":[{"href":"https:\/\/grail.com\/wp-json\/wp\/v2\/press-release\/1367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/grail.com\/wp-json\/wp\/v2\/press-release"}],"about":[{"href":"https:\/\/grail.com\/wp-json\/wp\/v2\/types\/press-release"}],"version-history":[{"count":0,"href":"https:\/\/grail.com\/wp-json\/wp\/v2\/press-release\/1367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/grail.com\/wp-json\/wp\/v2\/media\/1303"}],"wp:attachment":[{"href":"https:\/\/grail.com\/wp-json\/wp\/v2\/media?parent=1367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}