Moffitt Cancer Center‘s spinoff M2Gen, a healthcare informatics business that pairs big data analytics with cancer treatment, has received a $75 million investment from Hearst’s business media channel, according to the Tampa Bay Times. The investment follows a recent management shakeup that saw the founder move to the board of directors and a TEVA Pharmaceuticals exec move into the CEO role.
Patients agree to donate their clinical data and tumor tissue so that M2Gen can study it and add to their database of genetic cancer samples. That data is accessible to the 17 cancer centers that make up the Oncology Research Information Exchange Network alliance, which dates back to 2014. The group’s data warehouse links clinical and molecular data. The patients from whom that data is extracted agree to be contacted for future studies. The goal of ORIEN is to match patients with the best treatment for their condition.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
M2Gen Founder and former CEO William Dalton noted in a news release that M2Gen helps match cancer patients to clinical trials based on the molecular characteristics of their disease.
Although Hearst Health represents the first venture investment in M2Gen, the for-profit subsidiary of the nonprofit cancer center has received investment from Moffit Cancer Center and Ohio University for years since M2Gen was started in 2006, according to the article.
Tim Wright became M2Gen’ CEO last month. He previously served as executive vice president of business development, strategy and commercial innovation at TEVA. He is also the founder and chairman of the Drug Discovery and Development Institute for the Ohio State University Comprehensive Cancer Center where he served as director. Dalton led M2Gen since 2012 and is the chairman of M2Gen’s board.
The investment is interesting for Hearst, which also has a venture arm that invests in healthcare startups called Hearst Health. Among its portfolio companies are Welltoc, Tonic Health, Lightbeam Health Solutions, Aver and Zynx Health.
Photo: D3Damon, Getty Images
