Illumina announced a spinoff on Sunday, and the new company, which will go under the moniker Grail, promises to make a major dent in cancer rate mortality.
The company, which is majority owned by Illumina and has a roster of big-name investors such as Jeff Bezos and Bill Gates, says it will start detecting cancer before it's symptomatic.
Illumiina started finding cancer in healthy patients while conducting non-invasive prenatal tests in the search for down syndrome, Jay Flatley, Illumina's CEO, told CNBC's "Closing Bell."
"We accidentally were finding cancer in women when we actually weren't testing for that," Flatley said Monday. "We began to think what would happen if we actually designed a test that was targeted to detect cancer in healthy individuals."