CPPIB, PSP participating in financing round for cancer testing business

The Canada Pension Plan Investment Board and the Public Sector Pension Investment Board are participating in a $390-million series-D round of financing for Grail Inc., a U.S. health-care company focused on cancer testing.

The financing is aimed at boosting the company’s balance sheet to support its continued development, as well as the commercialization of its cancer testing method.

Read: CPPIB invests in cancer drug royalties, food manufacturing

“GRAIL is making significant progress with our blood-based, multi-cancer early detection test,” said Hans Bishop, chief executive officer at Grail, in a press release. “Nearly 80 per cent of cancer deaths result from cancers for which there is no screening test today and Grail’s mission is to change that through the early detection and localization of more than 50 cancers.”