A bioinformatics company that’s developed software to analyze sequenced genomic data from cancer patients and their tumors has received a $250,000 investment from nonprofit business development group JumpStart.
Cleveland-area GenomOncology had previously raised $1.25 million, MedCity News reported late last month.
GenomOncology labels itself as a “genomics-as-a-service” business. The company predicts that the key to its success lay in its ability to quickly and accurately analyze data and report it to customers in an easily understood format.
Knowing the genetic makeup of a patient and tumor will allow doctors to match up those genetic characteristics with the type of cancer drugs that have been proven to work with them, personalizing better-targeted treatments and increasing the chances that they’ll be effective.
GenomOncology’s management team plans to use the funding to develop a go-to-market strategy, build out its management team and secure its first commercial contracts, according to a statement from Cleveland-based JumpStart.
The genomics startup plans to market its services to biopharmaceutical companies, cancer research groups and clinical oncologists.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
GenomOncology’s competitors include genome software companies such as Knome and analytical companies such as GeneKey and Foundation Medicine.
The company’s lead investor is Zapis Capital Group. Its CEO is Manuel Glynias, a serial entrepreneur with a background in bioinformatics.
