Israeli cancer profiling developer NovellusDx has increased its latest fund raising to $12.5 million after OrbiMed Advisors LLC joined the financing round with a $2.5 million investment. The financing round is led by IntraCure (TASE: INCR-L), which will hold 6.9% after the financing and includes Israel's Pontifax venture capital fund.
NovellusDx’s technology monitors the activity level of signaling pathways and identifies which patient mutations are driver mutations. It further monitors cross-talk interaction between mutations and genes, and monitors the effect of targeted therapies on the mutations.
NovellusDx provides a concise report for the oncologist, outlining the relative contribution of each of the driver mutations to the activation of the signaling pathways, and the effects of different targeted therapy options, including combination therapy.
NovellusDx will use the investment for R&D, and to build its commercial service lab, increasing the throughput of patients and clinical trials.
Located at the Hadassah Medical Center in Ein Kerem, Jerusalem, NovellusDx was founded in 2011 by CEO Haim Gil-Ad. Before the latest financing round the company had raised $6 million and had 20 employees.
Published by Globes [online], Israel business news - www.globes-online.com - on June 22, 2016
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