Health IT

Health IT firm focused on personalized medicine raising up to $10.1 million

A health IT firm aiming to make data useful to health providers, payers and researchers for application of personalized medicine has raised nearly $1 million.

Company name: PanGenX (formerly the Pharmacogenetics Clinical Advisory Board).

Industry: Health IT/data.

Location: Auburndale, Massachusetts.

Solution/product: With the goal of enabling personalized medicine, the company has developed a cloud-based analytical solution that it says can transform vast amounts of technical data into relevant insight for pharmaceutical companies, health plans and health systems. Its Knowledge Base technology extracts information from peer-reviewed literature, biomedical databases and clinical databases; combines them with other biomedical data to produce a set of relations; and contextualizes that content for customers. Health systems, for example, would use it in conjunction with EMRs and decision-support tools to improve the use of patient genetics at point of care.

Money raised: $933,640 from six investors, but looking to raise up to $10.1 million, according to an U.S. Securities and Exchange Commission filing.

How it will be used: A company rep was not immediately available to comment.

Management team: Co-founder and CEO Daniel Poscover was formerly a consultant for Third Rock Ventures and a founding partner at Scientia Advisors. Chief technology officer Eric Neumann formerly held leadership positions at Sanofi-Aventis, BG Medicine and BBN Technologies.

Market size: Personalized medicine and pharmacogenetics comprise an emerging market that market research firm Kalorama estimates to be worth $28 billion.

Competitors: Translational Software, Partek Inc. and Genomatix.