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Freenome, Abbott Laboratories' Colorectal Cancer Screening Test Approved by FDA; Freenome Earns $100 Million Milestone Payment

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Freenome (FRNM) and Abbott Laboratories (ABT) said Monday that the US Food and Drug Administration approved SimpleScreen CRC, a blood-based colorectal cancer screening test.

The companies said the new blood-based screening option is intended for adults 45 and older who are at average risk for the disease.

Under the terms of a commercial agreement between Freenome and Abbott, Freenome will receive a $100 million milestone payment from Abbott for the FDA approval, while Abbott will exclusively commercialize the test in the US this fall.

Shares of Freenome were up close to 10% pre-bell.

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