Mercy BioAnalytics announced the closing of a $59 million Series B financing round on September 3, 2025, marking a significant milestone for the company's extracellular vesicle-based liquid biopsy platform designed for early cancer detection. The round was co-led by Novalis and Sozo Ventures, with participation from multiple investors including Perceptive Xontogeny Venture Fund, American Cancer Society BrightEdge and iSelect Fund, as well as strategic investors Hologic, Bruker Scientific, and Labcorp.
Breakthrough Technology Platform
The Mercy Halo liquid biopsy platform utilizes biomarker co-localization to interrogate highly abundant, blood-based extracellular vesicles that carry unique cancer signatures from their cell of origin. The platform is specifically designed to detect early-stage cancer when it is most treatable, addressing a critical gap in current cancer screening capabilities.
The company's ovarian cancer screening test has demonstrated unprecedented sensitivity and specificity for the detection of pre-clinical high grade serous ovarian carcinoma in post-menopausal women, based on a blinded evaluation of samples from a randomized controlled trial. This performance represents a significant advancement in ovarian cancer detection, which the company describes as "the most lethal gynecological cancer" that "typically goes undetected until it is too late to cure."
Commercial Strategy and Expansion Plans
The financing will primarily support the commercialization of Mercy's blood-based ovarian cancer test portfolio, designed to detect ovarian cancer at earlier, more treatable stages across multiple indications. Additionally, the funds will enable expansion of the Mercy Halo portfolio to include multi-cancer and lung cancer screening tests.
"This financing accelerates our efforts to bring transformative early cancer detection tests to patients and providers," said Dawn Mattoon, Ph.D., Chief Executive Officer of Mercy. "We are grateful for the support of our investors and proud to partner with those who share our mission to save lives and relieve suffering through the early detection of cancer."
Strategic Investment and Leadership
Coincident with the financing, Mercy welcomed Rob Freelen to the Board of Directors. A Managing Director and investment partner at Sozo Ventures, Freelen brings experience as a seasoned director, successful entrepreneur, and former executive at Silicon Valley Bank. "Sozo is proud to co-lead this round and help usher in a new generation of cancer diagnostics with the potential to save lives at scale," Freelen stated.
Paul Meister, Partner at Novalis, expressed confidence in the platform's potential: "We believe Mercy is building one of the most promising early detection platforms in oncology. Their technology addresses a critical gap in current cancer screening, and we're excited to support the team as they continue to deliver on critical regulatory, clinical, and commercial milestones."
Addressing Critical Medical Needs
The company's focus on ovarian and lung cancers targets two of the most challenging areas in oncology. According to Mercy, lung cancer represents "the number one cancer killer globally" and "takes more lives than breast and prostate cancers combined." The platform's ability to detect early-stage cancer when it is more often amenable to curative therapy could significantly impact patient outcomes in these difficult-to-treat malignancies.
The diverse investor base includes funds committed to women's health and leadership, including Portfolia, Avestria Ventures, and Mindshift Capital, reflecting the platform's particular relevance to women's health through its ovarian cancer detection capabilities.
