Ann Arbor, Mich.-based Strata Oncology Inc. raised $26 million in a series B funding round.
The financing round included new investors Pfizer Inc., Merck & Co. Inc., Deerfield Management Co. LP and Renaissance Venture Capital Fund, along with existing investors Arboretum Ventures LLC and Baird Capital Partners.
Strata Oncology will use the proceeds to expand Strata Precision Oncology Network, a group of health systems using the company's platform to systematize tumor molecular profiling and precision therapy trials, and to further advance its clinical-genomic data and software solutions.
A portion of the proceeds is allocated to seek the U.S. Food and Drug Administration's approval for StrataNGS, the company's tumor molecular profiling assay, as well as to launch the company's pan-cancer molecular analysis for cancer therapy study.
Strata Oncology is a precision oncology company.
