" "
Satellite Banner
Informatics
Scientific Community
 
Become a Member | Sign in
Home>News>This Article
  News
Return

NuMedii Receives $3.5M in a Series A Financing

Published: Thursday, June 27, 2013
Last Updated: Thursday, June 27, 2013
Bookmark and Share
Capital will be used to advance internal development programs for clinical testing.

NuMedii, Inc. announced that it has received $3.5M in a Series A funding led by Claremont Creek Ventures and Lightspeed Venture Partners, with participation by Life Science Angels and others. NuMedii raised this initial funding to further develop its proprietary technology and prepare its first three internal drug development programs for clinical testing.

“NuMedii’s drug development approach is extremely capital efficient and is designed to be much more successful in bringing new therapeutics to patients. We are excited to have the backing of investors and advisors who have a track record of successfully establishing life science companies and who support our long term vision for our company,” said NuMedii founder and CEO, Gini Deshpande, Ph.D.

By leveraging vast amounts of life sciences “Big Data” correlating disease information with drug data, NuMedii’s technology predicts which drugs will be most effective in treating a particular disease. NuMedii then translates this information into novel therapeutic candidates. NuMedii’s core technology was invented by its co-founder, Dr. Atul Butte at Stanford University and is exclusively licensed to NuMedii.

NuMedii is also expanding its Board of Directors. In addition to Drs. Deshpande and Butte, the Board will include Ted Driscoll, Ph.D., Brad Webb, Ph.D. and Samuel Saks, MD. Ted is a Venture Partner leading the Digital Healthcare team at Claremont Creek Ventures and will serve as Chairman. Brad is a Venture Partner at Claremont Creek Ventures and Sam is a board-certified oncologist and founder of Jazz Pharmaceuticals, Inc.

Sam Saks commented, “I have been an advisor to NuMedii since 2011 and believe NuMedii’s technology is an example of the type of innovation that is required to fundamentally address the constant failure plaguing the drug development industry.”

“NuMedii is pioneering 'digital' pharma development, which perfectly fits Claremont Creek Ventures’ focus on investing in early stage companies that are revolutionizing medicine with genetics, data mining and computation,” added Ted Driscoll.

Ravi Mhatre, Partner at Lightspeed Venture Partners, noted that LSVP “is actively investing in disruptive applications of Big Data. NuMedii has the potential to disrupt the drug development process by utilizing life science Big Data.”

NuMedii today also announced the appointment of Craig Webb, Ph.D. as its Chief Scientific Officer. Dr. Webb spent the past thirteen years developing an integrated program in translational medicine as one of the founding scientists at the Van Andel Research Institute in Michigan. His work focused on integrating advances in genomics and computational biology to identify optimal therapies for cancer patients, and identify new uses of existing drugs beyond their approved indication.

“I am delighted to be joining a talented team of dedicated individuals with a collective focus on the efficient discovery and rapid validation of new uses of existing drugs. The NuMedii approach represents the most time and cost effective means through which safe and effective medicines can be developed for patients in need,” said Dr. Webb.


Further Information

Join For Free

Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,900+ scientific posters on ePosters
  • More than 4,200+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.


Scientific News
Neanderthal DNA Influences Human Disease Risk
Large-scale, evolutionary analysis compares genetic data alongside electronic health records.
Crowdfunding the Fight Against Cancer
From budding social causes to groundbreaking businesses to the next big band, crowdfunding has helped connect countless worthy projects with like-minded people willing to support their efforts, even in small ways. But could crowdfunding help fight cancer?
‘Lifespan Machine’ Probes Cause of Aging
Findings suggest that aging has no single mechanism.
Machine Learning Uncovers Unknown Bacterial Features
Technique robustly identified characteristic gene expression patterns in response to antibiotics, low oxygen conditions.
Nucleic Acid Computing Inside Cells
Using strands of nucleic acid, scientists have demonstrated basic computing operations inside a living mammalian cell.
Risk Map for Nematode Parasite in Uganda
Infection with the nematode parasite Mansonella perstans is one of the most neglected of the neglected tropical diseases.
DNA Analysis in the Fast Lane
Rice bioengineers' method should lead to better database of thermal behaviors.
Mapping out Cell Conversion
Researchers develop algorithm that takes the field of cell reprogramming forward.
Parallel Single-Cell Profiling
New single-cell genomics protocol allows researchers to study links between DNA modifications (methylation) and the activity of a gene.
ASCB: A CELLebration of Cell Biology
The last major congress of the year, ASCB is less a platform for launching new products, but one for confirming and consolidating the trends that have emerged over the past 12 months.
Scroll Up
Scroll Down
SELECTBIO

Skyscraper Banner
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,900+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,200+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FOR FREE!