NuMedii Receives $3.5M in a Series A Financing
News Jun 27, 2013
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.