MedGenome is looking forward to give a booster shot to its clinical genomic testing initiatives in India and hunting for potential investors to pump in anywhere between $10 million and $15 billion. This would be the company’s second round of funding. Earlier in June 2014, it raised $4 million Series A funds from Papillon Capital's Kartik Kumaramangalam and Emerge Venture's Mahesh Pratapneni.
The company, a key provider of genomic diagnostics for oncology in India, is engaged in serving the international markets in the area of oncology bioinformatics. The next-generation DNA sequencing techniques and sophisticated data analytics capabilities developed by MedGenome improves disease risk assessment, treatment and patient outcomes. Now it intends to expand its lab facilities with the setting up of genomic centres in the country at strategic locations to advance genomic research.
“We are looking for investors who can put in $10-15 million dollars during the year 2015. The process to raise the required funding is on and is expected to take 5-6 months”, Sam Santosh, CEO and chairman, MedGenome told Pharmabiz in an email.
Its 10,000 sq. ft. molecular diagnostic and proteomics lab within the campus of the Narayana Health City at Bommasandra in Bengaluru is now complete. It also would expand its lab capabilities in Bengaluru and presence globally. Further, it would look to strengthen its bioinformatics infrastructure in an effort to increase its sales footprint.
The current demand for the genetic tests at MedGenome has been encouraging. “Therefore this is the primary reason for our plans to expand. We are also positive about newer tests in the market like the one non-invasive prenatal test that was recently introduced in India”, he added.
“With regard to OncoMD our flagship cancer analytics platform, we have received encouraging responses in the US and have entered into agreements with some leading cancer workbench providers recently. We are also exploring opportunities in the academic environment and in Europe too,” he said.
The proprietary OncoMD database offers insight into more than 1.2 million cancer-related mutations. Going by the significance of clinical genomic testing which is emerging in the preventive healthcare, MedGenome inked a pact with Natera to perform Panorama non-invasive prenatal testing in January this year.
“The response to non-invasive prenatal testing is overwhelming. The congregation for doctors organised by MedGenome across 5 cities in India held from February 18-22, 2015 was represented by 350 key fetal medicine specialists and gynecologists. The fact that all of them assembled to have a scientific discussion indicated the level of commitment to test fetal DNA of pregnant women to assess if the developing baby was at high risk for abnormal chromosomes. These are clear indications for the need to expand. We are looking to raise for funds to fuel our future growth efforts, said the MedGenome chief.