Liquid biopsy developer Freenome is heading to the public markets via a $330M SPAC merger with Perceptive Capital Solutions, securing fresh capital as it prepares for a potential 2026 FDA decision on its blood-based colorectal cancer screening test, SimpleScreen.
If approved, SimpleScreen would compete directly with Guardant Health’s Shield — the first FDA-cleared liquid biopsy for CRC detection. Early data shared with investors show 75% sensitivity for Stage I CRC and notable improvements over its prior version, though analysts caution that pivotal data ultimately submitted to the FDA will determine competitiveness.
Freenome is pairing this CRC test with a broader multi-cancer early detection (MCED) strategy. The company recently struck major commercial partnerships:
• Exact Sciences paid $75M for U.S. rights to SimpleScreen for CRC only.
• Roche invested $75M and secured ex-U.S. rights to Freenome’s “kitted” MCED tests.
With more than $1.3B raised to date, and roughly 11 million U.S. adults preferring a blood test over colonoscopy for screening, analysts say the CRC liquid biopsy market is large enough to support multiple players — but Guardant’s first-mover advantage gives it a head start.