Caris Life Sciences a leading innovator in molecular science focused on fulfilling the promise of precision medicine through quality and innovation today announced that it has raised 150 million in growth capital in the form of senior secured debt and convertible notes from TPG Sixth Street Partners TSSP the global credit investment platform with 25 billion in assets under management Caris will use the proceeds in part to continue development of Next Generation Profiling to analyze whole genome whole transcriptome and the complete cancer proteome with mature clinical outcomes to deliver proprietary offerings for more precise treatment recommendations
Tumor profiling is now standard practice in many cancer types and while clinical adoption is growing rapidly this continues to be a largely untapped market With increasing demand for more precise and personalized treatment information to improve clinical outcomes and drug development we believe this is the opportune time for Caris to complete a significant private capital raise and invest in our future growth said David D Halbert Chairman and CEO of Caris Life Sciences We developed our precision medicine capabilities in accordance with our singular mission which is to improve the quality and extend life for patients We believe that TSSP will be an excellent partner to help us broaden patient access to molecular information and take molecular interrogation into the next logical progression we call Next Generation Profiling ”
Caris Molecular Intelligence has grown into an industry leader and is recognized as having the most comprehensive tumor profiling approach with technologies that assess DNA RNA and protein expression Caris has been sponsored and funded exclusively by David D Halbert and the growth capital investment by TSSP is a significant milestone as it represents the first external capital to be raised by the Company since 2011
TSSP is an outstanding partner for Caris at this pivotal stage in our development said Brian J Brille Vice Chairman of Caris Life Sciences This senior credit structure is an optimal financing solution for the Company since it combines the flexibility of growth capital with limited equity dilution This financing underscores the success Caris has achieved to-date and more importantly our trajectory for future growth and expansion ”
Caris is uniquely positioned to bring tremendous value to precision oncology through its leading tumor profiling capabilities This unique transaction structure for a molecular diagnostics company is possible because of the bespoke financing solutions offered by TSSP our deep healthcare expertise across the TPG platform and the strength of Caris business said Jonathan Coslet Senior Partner and Chief Investment Officer of TPG I have also followed the extraordinary entrepreneurial career of David D Halbert for over 20 years and we are delighted to have this opportunity to invest alongside him ”
Caris intends to use the proceeds from this financing to launch Next Generation Profiling offerings expand the commercial organization increase clinical and R&D laboratory capacity enhance biopharmaceutical business development capabilities pursue patent enforcement and other strategic corporate initiatives
About Caris Life Sciences Caris Life Sciences is a leading innovator in molecular science focused on fulfilling the promise of precision medicine through quality and innovation The company’s suite of market-leading molecular profiling offerings assess DNA RNA and proteins to reveal a molecular blueprint that helps physicians and cancer patients make more precise and personalized treatment decisions Caris is also advancing precision medicine with Next Generation Profiling that combines its innovative service offerings Caris Molecular Intelligence and ADAPT Biotargeting System with its proprietary artificial intelligence analytics engine DEAN to analyze the whole exome whole transcriptome and complete cancer proteome This information coupled with mature clinical outcomes on thousands of patients provides unmatched molecular solutions for patients physicians payers and biopharmaceutical organizations Headquartered in Irving Texas Caris Life Sciences offers services throughout the U S , Europe Asia and other international markets To learn more please visit www CarisLifeSciences com or follow us on Twitter @CarisLS
About TPG Sixth Street Partners TPG Sixth Street Partners TSSP is the global credit and credit-related investment platform partnered with TPG Co-founded in 2009 by Managing Partner Alan Waxman TSSP has approximately 25 billion in assets under management TSSP has a long-term oriented highly flexible capital base that allows it to invest across industries geographies capital structures and asset classes TSSP has an extensive track record investing in the healthcare industry and creating financing solutions for growth companies Some of its investments include Spotify and Nektar For more information please visit www tpg com/platforms/tssp
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