N-of-One has raised $7 million to improve its oncology precision medicine system and expand its sales operation globally. The Series B round attracted the support of Excel Venture Management and Providence Ventures, a $150 million VC fund that manages money on behalf of nonprofit healthcare system Providence Health & Services.
Excel and Providence were attracted to N-of-One in part because of its potential to act as a bridge between diagnostic laboratories and the clinicians and clinical trial recruiters who need information on the molecular profile of cancer patients. N-of-One has built its business upon its ability to pull in data from multiple different tests, interpret the results and package them up in a way that supports quick decisions about treatment options and clinical trial eligibility.
In tapping Excel and Providence for cash, N-of-One has added the financial firepower to carry out its expansion plans and tightened its ties to users of its services. The financial component of the round gives N-of-One money for its R&D initiatives, which, to date, have given the company tools to interpret molecular diagnostic test results. N-of-One has parceled up these capabilities into offerings designed to match patients to the most appropriate treatment and suitable clinical trials.
One of the objectives for N-of-One is to contribute to the creation of patient records with the detail needed to match individuals to clinical trials. “We look forward to collaborating with our lab and health system clients to incorporate clinical data along with the patient’s molecular profile to provide further refinement of treatment options,” N-of-One CEO Chris Cournoyer said in a statement. “This is particularly important given the growing complexity of clinical trial eligibility criteria.”
The strategic aspect of the round relates to Providence and, more specifically, the healthcare system it represents. Dr. Thomas Brown, co-chair of the personalized medicine program at Providence Health & Services, said in a statement that the investment is seen as “expanding our relationship with N-of-One.” Brown thinks that by working with N-of-One the healthcare system can increase the number of cancer patients in its care who receive treatment tailored to their molecular profile.
In parallel to the intensification of its work with clients in North America, N-of-One is planning to use the investment to support its expansion overseas. "We currently have clients in Europe and China," a spokesperson for N-of-One told FierceBiotechIT. "[We] are looking to expand our sales activities in these regions through our relationships with Oracle ($ORCL), Illumina ($ILMN)and WuXi NextCode."
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