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Direct Investment  + CLOs  |  January 24, 2023
Caris Life Sciences Hauls $400M in Senior Secured Debt Funding
By: Joe Palmisano

Caris Life Sciences Hauls $400M in Senior Secured Debt Funding

Caris Life Sciences, a molecular and science technology company, closed a senior secured term loan of $400 million. Backing the loan are life sciences investment firms OrbiMed and Braidwell; the former led the financing and also participated in Caris’ last two fundraising rounds.

Along with paying off other outstanding debt, the Irving, TX-based company will use the funds to continue building out its precision medicine platform, which uses artificial intelligence to sift through an individual’s entire genome for signs of cancer and predict how they’ll respond to various treatments.

“We are making breakthroughs with artificial intelligence and machine learning that enhance and change our understanding of cancer as a disease. This additional capital will allow us to pursue that mission with even more intense focus as we invest in our technologies and product pipeline,” said David Halbert, Caris’ founder and CEO.

OrbiMed participated in Caris’ $830 million equity financing round in 2021 and $310 million growth capital financing round in 2020, which had given the company a nearly $8bn valuation. Braidwell is a new investor in the company.

With the latest injection of funds, Caris’ total capital raised since 2018 is approximately $1.7 billion.

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Caris Life Sciences

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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