Freenome begins trading on Nasdaq after $310M SPAC merger

Freenome Holdings, Inc. (NASDAQ: FRNM), a cancer detection company developing blood-based screening tests, announced the closing of its business combination with Perceptive Capital Solutions Corp. (formerly NASDAQ: PCSC), a special purpose acquisition company sponsored by an affiliate of Perceptive Advisors.

The combined company, to be renamed Freenome, Inc., was expected to begin trading on the Nasdaq Capital Market on July 21, 2026, under the ticker symbol "FRNM."

The transaction generated approximately $310 million in gross proceeds, comprising roughly $70 million from the former PCSC trust account and a $240 million private placement (PIPE). The PIPE was led by Perceptive Advisors and RA Capital, with participation from ADAR1 Capital Management, Bain Capital Life Sciences, and Farallon Capital Management, among other investors.

According to the company's press release, proceeds will be directed toward expanding its cancer screening portfolio, advancing its AI and machine learning-enabled multiomics platform, and building commercial infrastructure. Freenome's pipeline includes a colorectal cancer blood test called SimpleScreen CRC, a lung cancer test under clinical study, and more than 10 additional cancer indications in development.

The company has existing partnerships with Abbott and Roche to support commercial deployment of its blood-based screening tests within health systems and primary care settings.

"Freenome is entering this next chapter as a public company with exceptional momentum and the capital to execute on our vision," said Aaron Elliott, Ph.D., CEO of Freenome.

Jefferies and Leerink Partners acted as joint lead placement agents for PCSC. TD Cowen served as lead financial advisor to Freenome, with Guggenheim Securities and BTIG also advising the company.

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