Perthera Secures $8.7M Investment
News Jun 29, 2016
Perthera has announced the completion of an $8.7 Million Series A financing. Pilot Growth Equity, a technology growth equity firm with offices in San Francisco, New York and Washington, DC, led the round and is the sole institutional investor. Perthera is the market and technology leader in Precision Cancer Analysis (“PCA”), which provides physicians a more accurate understanding of a patient’s cancer and thereby the ability to identify prospective treatment options personalized to the individual patient. At the same time, a PCA provides individuals access to a world-class actionable therapy plan wherever in the world they may be.
“With Operation Moonshot and other initiatives worldwide exploring how new medical technologies can finally put an end to cancer, we think current practices are going to evolve and change dramatically,” said Perthera CEO Andrew Mignatti. “One major change in the foreseeable future will be that a PCA will be the first step undertaken by people diagnosed with cancer just as today an MRI is the first step of those who need detailed pictures of a body’s structural and organic systems. That detailed level of analysis will, in turn, lead to the identification of specific therapies, including those in clinical trials, appropriate for individual patients. One major result will be that oncologists, families and patients can make more informed decisions about their care,” he said.
Emmanuel “Chip” Petricoin, PhD, who co-founded the company with well-known investor and tech executive Dendy Young, explained, “The rapid progress being achieved in the field of precision medicine offers the very real promise of more successful new treatments for cancer. But a precise understanding of an individual’s particular cancer tumor is a prerequisite to the use of precision medicines, and that’s what a PCA can provide,” he said. “We do that by using the most sophisticated and comprehensive molecular analysis available. Although genomic testing has proven to be a breakthrough technology, an even more comprehensive portrait of a patient’s cancer can be obtained through our multi-omic analysis. Our unique workflow protects tissue, utilizes best-in-class molecular testing, and leverages our unique and growing databank of previous treatment histories and patient outcomes. The PCA is becoming a critical part of the future of cancer treatment,” Petricoin added.
Neil Callahan, a co-founder and managing director of Pilot Growth Equity, who has joined Perthera’s board, said, “Perthera’s growth over the last four years has been compelling. Hundreds of oncology practices, including many of the most respected cancer treatment centers and hospitals across the United States, have ordered the PCA. Adoption of the PCA as the oncologist’s and patient’s first step in developing a cancer treatment strategy is accelerating at a rapid pace. Perthera’s proprietary software platform automates the creation of the PCA, integrates the data from all previous analyses and patient history, produces a detailed personalized analysis of the patient’s unique cancer, and delivers an improved patient experience plus an increasingly higher probability of medical success. In addition to its technology innovations, Perthera has formed a world class Virtual Tumor Board made up of leading oncologists who provide the treating physicians and patients with a ‘virtual second opinion’ based on their expertise in concert with the Perthera PCA,” he said. “We think Perthera has already changed cancer analysis forever and is at the very forefront of personalized and precision healthcare. We are honored to be their partner on this mission.”