Israeli personalized cancer therapy developer OncoHost has announced the completion of an oversubscribed $35 million Series C financing round led by ALIVE Israel HealthTech VC with participation from Leumi Partners, Menora Mivtachim, OurCrowd and other existing investors. ALIVE's co-founder and general managing partner Prof. Ari Shamiss has jopined OncoHost's board.
The funding be used to expand OncoHost's ongoing multicenter PROPHETIC trial which utilizes PROphet, the company's machine learning-based host response profiling platform. The Binyamina-based company's precision oncology diagnostic solution is expected to launch commercially in the US in the third quarter of 2022.
Leveraging advanced proteomic analysis and AI-based host response science, OncoHost's PROphet platform is a personalized, real-time, dynamic 'disease navigator' that provides early identification of an individual's responsiveness to cancer therapy, analysis of treatment resistance mechanisms, and potential available strategies to overcome this resistance. Clinical trial results have shown PROphet to have remarkably high accuracy in assessing non-small cell lung cancer (NSCLC) patient response at three months, six months and one year. Through one blood test pre-treatment, the company's multi-patented platform also provides clinicians with potential combination strategies to overcome treatment resistance.
Prof. Shamiss said, "OncoHost provides significant value to both cancer patients and their clinicians and it is an honor to have led this transformational funding round. With promising and significant clinical results, OncoHost's unique approach can create a brighter and better future for the world of precision oncology, maximizing the likelihood of selecting the correct therapy combinations and dramatically improving therapeutic results for cancer patients. We are confident that Oncohost is set to become a pivotal proteomics market leader in personalized oncology treatment."
OncoHost CEO Dr. Ofer Sharon added, "This is OncoHost's third and most significant investment round to date, demonstrating the company's maturity, credibility and scalability. We are honored to be supported by leading local and global investment funds that understand and support our vision to shift the landscape of oncology to a truly personalized approach and want to be part of our journey in revolutionizing cancer care."
OncoHost continues to open additional clinical trial sites around the world and will be expanding its research to further cancer indications.
Published by Globes, Israel business news - en.globes.co.il - on May 11, 2022.
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