Category Defining Molecular Diagnostics Company BillionToOne Further Solidifies its Long-Term Position by Securing $140 Million Non-Dilutive Financing with Oberland Capital

Proceeds Strengthen the Balance Sheet and Secure the Path to Profitability and IPO, Ensuring Increasing Industry Leadership

 

MENLO PARK, Calif., Sept. 4, 2024 — BillionToOne, a next-generation molecular diagnostics company, announced it closed a $140 million non-dilutive financing agreement with Oberland Capital Management LLC ("Oberland Capital"). The financing consists of an initial note of $50 million to repay the company's existing $35 million term loan, along with additional tranches totaling up to $90 million, which is available to BillionToOne to support its future growth.

"While our path to IPO and profitability had already been secured by our recent Series D financing, this non-dilutive financing with excellent terms is a strategic move that ensures our continued financial strength and we believe further eliminates any potential need for future financing rounds," said Oguzhan Atay, Co-founder and CEO of BillionToOne. "With over $200 million in the bank and access to $90 million in additional non-dilutive capital, we've fortified our balance sheet and are positioned to lead as a category-defining molecular diagnostics company."

"We are excited to partner with BillionToOne as they continue expanding upon their industry-leading molecular diagnostics platform," said Andrew Rubinstein, Managing Partner at Oberland Capital. "This investment aligns with our strategy of supporting companies developing and commercializing innovative technologies that address areas of high unmet medical need."

BillionToOne's unique technology, Quantitative Counting Templates (QCTs), enables counting DNA molecules with single base-pair precision, and it empowers the company to develop truly differentiated tests that redefine the possibilities of molecular diagnostics. BillionToOne has provided tests to over 500K patients to date, and the company has grown from $0 to $125 million in sales over the last four years. 

BillionToOne's UNITY Fetal Risk^TM Screen is the first and only prenatal test of its kind. The test leverages fetal cell-free DNA to provide direct insights into fetal risk for aneuploidies and common recessively inherited conditions, such as sickle cell disease, spinal muscular atrophy, and cystic fibrosis, without requiring a blood sample from the male partner or amniocentesis. BillionToOne's complementary oncology liquid biopsy products, Northstar Select® and Northstar Response®, enable clinicians to select the most appropriate therapies for patients and then monitor patients' responses to therapies. Northstar Select achieves a 2-5x lower limit of detection compared to other assays on the market, and Northstar Response is a methylation-based ctDNA assay with 10x higher precision than SNV-based assays, validated across different cancer types to assess the treatment response in late-stage cancer patients.

To learn more about BillionToOne, please visit www.billiontoone.com.

 

About Oberland Capital
Oberland Capital is a private investment firm formed in 2013 with assets under management in excess of $3.0 billion, focused exclusively on investing in the global healthcare industry and specializing in flexible investment structures customized to meet the specific needs of its transaction partners. Oberland Capital's broad suite of financing solutions includes monetization of royalty streams, acquisition of future product revenues, creation of project-based financing structures, and investments in traditional debt and equity. With a combination of deep industry knowledge and extensive structured finance experience, the Oberland Capital team has a history of creating value for its transaction partners. For more information, please visit www.oberlandcapital.com or contact Johnna Schifilliti at (212) 257-5850.

 

About BillionToOne
Headquartered in Menlo Park, California, BillionToOne is a precision diagnostics company on a mission to make molecular diagnostics more powerful, efficient, and accessible for all. The company's patented Quantitative Counting Technology™ (QCT™) molecular counting platform is the only multiplex technology that can accurately count DNA molecules at the single-molecule level. For more information, visit www.billiontoone.com.