Mercy BioAnalytics raises $59M Series B to advance early ovarian cancer detection
Ovarian cancer remains one of the most lethal cancers for women
Mercy BioAnalytics has closed a $59 million Series B financing round to accelerate commercialization of its ovarian cancer screening portfolio and expand into multi-cancer detection programs.
The Massachusetts-based company is developing liquid biopsies to catch cancers at earlier, more treatable stages. Its approach focuses on analyzing single extracellular vesicles - tiny particles that circulate abundantly in the blood, even when cancer is still in its earliest stages.
The Series B was co-led by Novalis and Sozo Ventures, with participation from Perceptive Xontogeny Venture Fund, American Cancer Society BrightEdge, iSelect Fund, and women’s health-focused investors Portfolia, Avestria Ventures, and Mindshift Capital. Strategic investors included Hologic, Bruker Scientific, and Labcorp, signaling strong industry interest in Mercy’s approach.
A deadly gap in ovarian cancer screening
Ovarian cancer remains one of the most lethal cancers for women, largely because it is often diagnosed late. High-grade serous ovarian carcinoma - the most aggressive subtype - rarely causes symptoms until it has already spread. Unlike breast or cervical cancer, there is no standard screening test for ovarian cancer, leaving patients with limited options for early detection.
Mercy’s flagship product, the Mercy Halo ovarian cancer test, is designed to identify early disease in post-menopausal women. Based on blinded evaluation of samples from a randomized controlled trial, the company reports “unprecedented sensitivity and specificity” in detecting pre-clinical ovarian cancer.
The financing will also support development of the broader Mercy Halo portfolio, including blood-based tests for lung cancer and multi-cancer detection.
"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."
The backing from both traditional diagnostics players and women’s health-focused venture funds reflects growing recognition of ovarian cancer as an urgent unmet need and a market opportunity long overlooked in cancer diagnostics.
"We believe Mercy is building one of the most promising early detection platforms in oncology," said Paul Meister, Partner at Novalis.
"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."