N-of-One Secures $7 Million in Series B Financing to Expand its Leading Precision Medicine Oncology Decision Support Solutions
- Posted by Emily Haynes
- On July 21, 2016
- 0 Comments
LEXINGTON, Mass. (July 21, 2016)—N-of-One, a precision medicine oncology decision support company, announced today that it has received $7 million in a Series B financing from Providence Ventures and Excel Venture Management. The financing will be used to expand the company’s R&D efforts to broaden its precision medicine clinical decision support solutions in oncology, providing physicians with a precise and scalable approach to matching patients to the most relevant treatments including clinical trials. N-of-One will also expand sales and marketing in the U.S. and strategic global markets.
N-of-One is the leader in providing physicians with the most relevant oncology treatment options through the analysis of each patient’s unique molecular profile, including integrating multiple molecular tests and information from N-of-One’s proprietary database. Working with leading healthcare systems and large commercial labs, N-of-One’s solutions have identified treatment options, including molecularly matched clinical trials, for tens of thousands of cancer patients.
“This financing round marks a new and exciting chapter for N-of-One, and we are pleased to partner with Providence Ventures and Excel Venture Management to take the next step in solving the growing complexity of precision medicine. We look forward to collaborating with our lab and health system clients to incorporate clinical data along with the patient’s molecular profile to provide further refinement of treatment options. This is particularly important given the growing complexity of clinical trial eligibility criteria.” said Chris Cournoyer, CEO of N-of-One.
“Cancer treatment is not one size fits all, and finding the right treatment, to include appropriate clinical trials, as quickly as possible, is a top priority,” said Thomas Brown, M.D., executive director of the Swedish Cancer Institute and co-chair of Providence Health & Services’ Personalized Medicine Program. “We are thrilled to be expanding our relationship with N-of-One to scale molecular oncology decision making, bringing the promise of precision medicine to thousands of cancer patients.”
“We are delighted to be investors in N-of-One with its unrivaled technology for assisting physicians in determining the optimal treatment for their cancer patients in this era of personalized medicine,” commented board member Steve Gullans of Excel.
N-of-One is the leader in identifying patient-specific therapeutic options for precision medicine in oncology by leveraging its proprietary knowledgebase and its team of oncologists and Ph.D. scientists to integrate genomic data from multiple tests. Using N-of-One solutions can standardize and accelerate genomic clinical interpretation and molecular decision support while saving time and money. N-of-One’s solutions have provided therapeutic options, including clinical trials, for tens of thousands of patient cases across hundreds of cancer types. N-of-One partners with leading hospital systems, cancer centers, and commercial labs around the world. For more information, please visit www.n-of-one.com or call 617-202-9808.
About Providence Ventures
Providence Ventures was founded in 2014 to manage a $150 million venture capital fund on behalf of Providence Health & Services (PHS). The fund is designed to achieve venture class returns through direct investments in innovative healthcare companies that improve quality and convenience, lower cost and improve health outcomes. Providence Ventures offers investment capital, combined with health system expertise, to companies addressing existing and emerging pain points in healthcare. Providence Ventures partners with portfolio companies to refine existing solutions and expand adoption within and beyond the Providence Health & Services health system.
About Excel Venture Management
Excel Venture Management builds companies that apply transformative technologies to solve problems in healthcare and beyond. The Excel investment portfolio is balanced across healthcare IT and services, diagnostics, and medical devices, plus life science platforms that address adjacent markets including energy, chemicals, defense and agriculture. Our investments include Tetraphase (TTPH), Aileron, ClearDATA, Molecular Templates, Cleveland HeartLab, Synthetic Genomics, and Virgin Pulse. More information can be found at www.excelvm.com.