GRAIL, Inc. (NASDAQ: GRAL), a healthcare company dedicated to early cancer detection, announced today the completion of its spin-off from Illumina (NASDAQ: ILMN). Starting June 25, 2024, GRAIL will begin regular trading on the Nasdaq under the ticker symbol “GRAL”.
“With this spin-off, GRAIL is taking another important step in our journey to shift the paradigm in early cancer detection,” said Bob Ragusa, Chief Executive Officer at GRAIL. “There is nothing acceptable about the status quo in cancer screening today. At GRAIL, we have an unprecedented opportunity to establish a new standard of care through Galleri® – our clinically-validated, commercially available multi-cancer early detection test, which screens for many of the deadliest cancers, including those with no recommended screening tests today. As a publicly traded company, we will continue our important work to address one of society’s biggest healthcare challenges, and to establish and maintain a market leading position in cancer detection. We have built a strong foundation and track record of innovation, which we will leverage to deliver value for patients, healthcare providers, healthcare systems, shareholders and our employees.”
Key Strengths of GRAIL:
- Galleri® Multi-Cancer Early Detection (MCED) Test: Galleri is setting the standard for MCED when added to recommended single cancer screening tests, enabling the detection of some of the most deadly cancers, including pancreatic, esophageal, ovarian, and liver cancers.
- Commercial Leadership: As of March 31, 2024, GRAIL has sold over 180,000 commercial tests and established more than 100 commercial partnerships.
- Extensive Clinical Program: GRAIL’s clinical program includes over 385,000 participants across eight clinical studies, providing significant real-world experience.
- Methylation Platform: GRAIL’s unique methylation platform supports opportunities across the cancer care continuum, including symptomatic detection and precision oncology.
- Experienced Team and Significant Investments: GRAIL’s multidisciplinary team has driven significant progress in cancer care, supported by substantial investments in scientific discovery, clinical evidence, laboratory operations, assay enhancements, and commercial execution.
Strategic Goals for Long-Term Growth:
- Establish Galleri as the MCED Standard: GRAIL aims to make Galleri the population standard for MCED and lead the market in large global regions.
- Expand Access: Pursuing FDA approval and securing reimbursement and coverage from Medicare and commercial payors to broaden access to GRAIL’s products.
- Lead and Expand MCED Adoption: Continue defining and expanding the adoption of MCED.
- Drive Innovation: Advance cutting-edge science and technology to improve existing products and develop new ones.
- Leverage Infrastructure: Utilize existing infrastructure to support and scale the growing business.
Illumina has provided GRAIL with funding to support its long-term plans and retains a 14.5% minority share in the company.
“We would like to thank Illumina for their support and commitment to advancing multi-cancer early detection, and we look forward to the continued relationship,” added Ragusa.
Latham & Watkins served as legal advisor and Morgan Stanley & Co. LLC served as financial advisor to GRAIL for the transaction.
About GRAIL, Inc.
GRAIL, Inc., is a healthcare company whose mission is to detect cancer early, when it can be cured. GRAIL is focused on alleviating the global burden of cancer by using the power of next-generation sequencing, population-scale clinical studies, and state-of-the-art machine learning, software, and automation to detect and identify multiple deadly cancer types in earlier stages. GRAIL’s targeted methylation-based platform can support the continuum of care for screening and precision oncology, including multi-cancer early detection in symptomatic patients, risk stratification, minimal residual disease detection, biomarker subtyping, treatment and recurrence monitoring. GRAIL is headquartered in Menlo Park, CA with locations in Washington, D.C., North Carolina, and the United Kingdom.