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.