NovellusDx, a specialist in functional genomics, has completed an equity financing of USD6 million backed by Helsinn Investment Fund, Bio Capital Impact Fund, and Windham Venture Partners. This adds to the nearly USD17 million already raised by the company.
“We are excited to invest in NovellusDx and support their aim to lead the functional genomics revolution,” says Roberto De Ponti, Head of New Venture and Strategic Investment at Helsinn International Services sarl. “NGS has revolutionised cancer care and now we have the opportunity to take it one step further to functionally test the mutations found and their response to drugs. This is the true promise of personalized medicine in cancer.”
“The additional funds will allow us to accelerate the execution of our strategy, move into commercialization and enable us to meet the need for functional oncology worldwide. This funding will also support continuing development and enhancement of NovellusDx’s technology using our excellent R&D team in Jerusalem,” says Haim Gil-Ad, CEO of NovellusDx.
Riccardo Braglia, Helsinn Group Vice Chairman and CEO, adds: “Israel is a hub for technological innovation, including in the life sciences, and NovellusDx is a premier example of that. We are excited to help bring its technology to the market and envision a deeper collaboration going forward.”
Adam Fine,Co-founder and Managing Director of Windham Venture Partners, says: “NovellusDx has developed a unique solution to a large unmet need in cancer by completing the ‘treatment stack’: biopsy, NGS, functional mutation testing and drug response. The technology can open up the full potential of NGS and cancer therapeutics.”
Helen Fisher, CEO and Managing Director of Bio Capital Impact Fund, says: “We at Bio Capital Impact Fund are excited to join other high-calibre investors and provide active support for NovelluxDx. NovellusDx has the potential to revolutionise personalised cancer treatment and significantly improve the drug development process. By being able to stratify patients based on functional analysis of their individual genetic mutations quickly and cost-effectively, NovellusDx’s technology could reduce the cost of bringing new drugs to market and deliver better outcomes for patients.”
“As an early investor in NovellusDx, we are very pleased to welcome firms and strategic partners of this quality,” says Erez Chimovits, partner at OrbiMed. “This new coalition further validates the significant opportunities ahead for NovellusDx.”
