Irving-based Caris Life Sciences has received a $400 million senior secured term loan from New York-based health care investment firm OrbiMed and Connecticut-based investment company Braidwell, according to a news release.
Caris plans to use the funding to repay outstanding debt, enhance its medicine platform and for general corporate purposes.
“We are making breakthroughs with artificial intelligence and machine learning that enhance and change our understanding of cancer as a disease,” David Halbert, founder and CEO of Caris, said in the release. “This additional capital will allow us to pursue that mission with even more intense focus as we invest in our technologies and product pipeline.”
“We are pleased to continue our partnership with Caris to support their advancement of molecular profiling,” Mark Jelley, OrbiMed Partner, said in the release. “Caris has shown the value of a comprehensive approach, and we are excited by the potential of Caris’ proprietary dataset and technology.”
Read the full story at Dallas Business Journal.