Haystack Oncology announced it raised $67 Million in an initial filing from an offering of $67 Million

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The company plans to use the proceeds to expand accessibility to its groundbreaking ctDNA-based MRD testing platform, Haystack DuoTM, a low-error rate, next-generation chemistry that enables ultrasensitive and personalized MRD testing. Haystack's tumor-informed liquid-biopsy-based test begins with tissue-based whole-exome sequencing to identify patient-specific tumor mutations. A personalized MRD test is then developed to detect ctDNA from residual, recurrent or resistant disease.Haystack was co-founded in 2021 by Drs. Bert Vogelstein, Ken Kinzler and Nick Papadopoulos, and Mr. Joshua Cohen of Johns Hopkins University, alongside CEO Dan Edelstein and CTO Dr. Frank Holtrup. Drs. Vogelstein, Kinzler and Papadopoulos head the Ludwig Center at the Johns Hopkins Kimmel Cancer Center, where they are developing novel methods for early cancer detection. Previously, Drs. Vogelstein and Kinzler were scientific co-founders of Exact Sciences, and later Drs. Vogelstein, Kinzler and Papadopoulos co-founded Thrive Earlier Detection Corp., which sold to Exact Sciences in January 2021. Mr. Edelstein and Dr. Holtrup have both held C-level roles in other liquid-biopsy-based diagnostics companies, including Inostics, a liquid biopsy testing company also co-founded by Drs. Vogelstein and Kinzler."Detecting MRD has long been akin to looking for a needle in a haystack – we're searching for a small number of tumor-derived DNA molecules in a sea of normal molecules in a blood sample. If residual disease is detected, the patient journey can be transformed to greatly improve the likelihood of clinical benefit, and ultimately, save lives," said Dan Edelstein, President and CEO of Haystack. "Haystack's mission is to deliver earlier, more precise detection of residual and recurrent tumors to personalize therapy and dramatically improve outcomes for patients with cancer. With the help of this funding, combined with Haystack's truly differentiated technology backed by decades of liquid biopsy research, we are uniquely positioned to ensure that the right patients receive the right treatment at the right time, which has long been the vision of precision oncology."As part of this round, Isaac Ro, former Chief Financial Officer of Thrive Earlier Detection (acquired by Exact Sciences in 2020), has joined Haystack's Board of Directors as Executive Chairman, and Dr. Diamantis Xylas, Catalio's Head of Research, has joined the Board as an observer, alongside Catalio's founders, George Petrocheilos and Dr. Jacob Vogelstein, who also serve on the Board.George Petrocheilos, Co-Founder and Managing Partner of Catalio and a member of Haystack's board of directors, added, "Haystack has the potential to revolutionize oncological testing and treatment, and we are excited to support this tremendous team of proven scientists and entrepreneurs. Haystack's expertise and track record in the cancer genomics space is truly unmatched, and the team's two decades of pioneering liquid biopsy research and testing validates the company's approach. We look forward to supporting Haystack as they provide easily accessible, exquisitely designed, life-changing experiences for millions of patients diagnosed with cancer each year." About Haystack Oncology Haystack Oncology uses the next generation of circulating tumor DNA (ctDNA) detection technology to see through the noise and uncover the lowest levels of ctDNA in blood to report residual, recurrent, or resistant disease earlier than any other minimal residual disease (MRD) test. Designed by cancer genomics pioneers and liquid biopsy experts, Haystack's tumor-informed MRD test is best positioned to deliver the right treatment to the right person at the right time. Haystack is based in Baltimore, MD, USA, and has research facilities in Hamburg, Germany. Learn more at haystackoncology.com. About Catalio Capital Management Catalio Capital Management, LP, is a multi-strategy life sciences investment firm that focuses on breakthrough biomedical technology companies developing the next generation of drugs, devices, diagnostics, and data-driven insights. Catalio's partnership includes over 36 world-renowned scientists with extensive academic bona fides who have each started several successful companies based on their research. Catalio has offices in New York, Baltimore, and London. For more information, visit www.cataliocapital.com. 1. Tie J, Cohen JD, Lahouel K, et al. Circulating Tumor DNA Analysis Guiding Adjuvant Therapy in Stage II Colon Cancer. N Engl J Med. 2022;386(24):2261-2272. SOURCE Haystack Oncology