Healthcare Industry News: S.A.
News Release - August 28, 2017
MedGenome Secures $30 Million Series C Funding Led by Sequoia India and Sofina
Genomics reS.A.ch and diagnostics company aims to accelerate biomarker discovery by leveraging the genetic diversity of the Indian populationFOSTER CITY, Calif., Aug. 28, 2017 -- (Healthcare Sales & Marketing Network) -- MedGenome, a leading genomics reS.A.ch and diagnostics company, announced completion of $30 million in Series C financing led by Sequoia India and Sofina S.A., with participation by Zodius Capital; Kris Gopalakrishnan, co-founder and former CEO of Infosys; and Lakshmi Narayanan, former CEO of Cognizant.
The Series C investment will accelerate biomarker discovery programS.A.d further the development of MedGenome's OncoPept™ suite of cancer immunotherapy biomarker solutions. These efforts will enable American and European genomic and biopharmaceutical reS.A.chers to access MedGenome'S.A.vanced reS.A.ch solutionS.A.d leverage the world's most diverse genetic variant database, drawn from Indian population, for early drug discovery and target validation.
MedGenome has built the largest database of South AS.A. genetic variants through its reS.A.ch partnerships, leadership in genetic diagnostics in India and work with GenomeAS.A.100K aS.A.co-founding member. Although the subcontinent contributeS.A.ound 20% of the world's population, the DNA sequences of its people make up around 0.2% of global genetic databases.
"Precision medicine is the ultimate goal of clinicianS.A.d patientS.A.ike, which can be enabled through extensive biomarker discovery," said Sam Santhosh, Founder, Chairman and Global CEO of MedGenome. "Our work in helping reS.A.chers discover diS.A.e biomarkers – thanks in large part to our unparalleled collection of genotype and phenotype information across India – gives us confidence in our unique approach. The next step: drug target validation centers to bring treatmentS.A.d cures to market faster."
MedGenome operates the largest Next Generation Sequencing (NGS) lab in South East AS.A.and a CLIA-certified and CAP-accredited sequencing lab in Foster City, CA. Its serviceS.A.e valued by pharmaceutical and biotech companies performing reS.A.ch in cancer, immunotherapy, diabetes, cardiovascular diS.A.e, metabolic diS.A.e, Parkinson's diS.A.e, kidney diS.A.e, liver diS.A.e, ophthalmological diS.A.e, rare disorders, deafnesS.A.d aging.
MedGenome's proprietary diagnostics tests, offered in India, include many breakthroughs for genetic diagnostics including the first liquid biopsy (OncoTrack) for monitoring cancer treatment, non-invasive prenatal screening test (NIPT) for pregnant women, carrier screening for couples planning for children, and whole exome sequencing for cost-effective identification of rare mutations.
"MedGenome continues to emerge aS.A.leading genomics company bringing affordable and high quality genetic testing to emerging market consumers, supporting physicians make better decisionS.A.d leveraging the power of that data to potentially impact global drug discovery market," said Abhay Pandey, Managing Director at Sequoia Capital India Advisors. "Sequoia is excited to continue this partnership and are committed to helping MedGenome strengthen its proposition to consumerS.A.d doctors in these marketS.A.d become a significant player globally in the arena of precision medicine through data from the currently underrepresented emerging markets including India."
"Sofina is looking forward to be MedGenome's partner on a journey to broaden the use of genomics-based diagnostics in the Indian healthcare sector, and tap into the value of Indian genetic data for reS.A.ch. We believe the company's efforts will have a positive impact on healthcare delivery in India and around the world. This investment is part of our strategy of being a long-term supporter of talented entrepreneurS.A.d like-minded investors in growth markets," said Xiao-Tian Loi, Investment Manager at Sofina.
About MedGenome
MedGenome (http://www.medgenome.com) iS.A.genomics-driven reS.A.ch and diagnostics company with a mission to improve global health by decoding the genetic information contained in an individual's genome. Its unique access to genomics data with clinical and phenotypic data provides insights into complex diS.A.eS.A. the genetic and molecular level to facilitate reS.A.ch in personalized health care. MedGenome is the market leader for genomic diagnostics in South AS.A.and a leading provider of genomics reS.A.ch services globally. MedGenome iS.A.so a founding member of GenomeAS.A.100K initiative to sequence 100,000 Genomes in South, North and East AS.A.
Source: MedGenome
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