InnoSIGN Completes Spin-Out from Philips with an $8M Series A Financing to Revolutionize Precision Medicine through its OncoSIGNal Pathway Activity Profiling Platform
- InnoSIGN utilizes its proprietary database with over 100,000 pathway activity profiles for drug development and diagnostics to predict patient response to targeted therapies
- Proceeds support additional clinical validation and US market launch
WILMINGTON, Del. and EINDHOVEN, The Netherlands, March 22, 2022 (GLOBE NEWSWIRE) -- InnoSIGN, a precision medicine company, today announced that it raised an $8M Series A financing. Proceeds will be used to finance a spin-out from Royal Philips to form a standalone company centered upon the OncoSIGNal pathway activity profiling technology. Investors in the round include Casdin Capital, Life Science Angels, Thuja Capital and Brabant Development Agency. Philips owns a minority stake in the new company.
InnoSIGN commercializes OncoSIGNal mRNA-based tests that measure the activity of signal transduction pathways in cancer and immune cells to predict how patients will respond to targeted drugs. The OncoSIGNal qPCR 7 pathway test is available for Research-Use-Only, enabling research labs to run the test on conventional PCR machines in combination with the OncoSIGNal cloud-based data analysis software. The investment enables InnoSIGN to implement its ambitious growth plans by leveraging a first mover advantage to complete further clinical validation studies and launch in the US market. InnoSIGN Inc. a US-based company, will maintain its leading R&D facility located at the High Tech Campus in Eindhoven, The Netherlands.
“I am excited with the investment and sponsorship from this strong syndicate of US and Dutch investors,” said Paul van de Wiel, CEO and co-founder of InnoSIGN. “This funding round willenable us to demonstrate the added value of OncoSIGNal compared to standard technologies for the better understanding of cell behavior, which is highly relevant to physicians when selecting the optimal personalized therapy for cancer patients.”
“As the limitations of DNA sequencing and protein analysis have become clear during the last years, we believe InnoSIGN’s proprietary mRNA-based signaling pathway tests, database with pathway activity profiles, and advanced analytics software will drive the next breakthroughs in precision medicine, initially in oncology, and then in other autoimmune and infectious disease," said Allan May, chair of Life Science Angels and investor.
OncoSIGNal was developed by scientists at Philips Research as a breakthrough technology for quantifying cell signaling pathway activity. Powerful proprietary software normalizes and translates mRNA levels transcribed from a suite of selected genes into activity scores of the relevant signal transduction pathways. OncoSIGNal utilizes its extensive database to gain insight into the signaling pathway profiles of the different cancer and immune cells leading to deep understanding of the mechanisms of the disease and potentially new therapy options.
“We are happy to be partnering with this consortium. InnoSIGN, as a stand-alone company, will be able to accelerate the development of OncoSIGNal tests which have the potential to make oncology diagnostics more efficient and precise, leading to better health outcomes,” says Henk van Houten, CTO and Head of Research of Philips.
InnoSIGN commercializes its proprietary mRNA-based OncoSIGNal pathway activity profiling technology, revolutionizing precision medicine by obtaining more insight into the mechanisms of disease. OncoSIGNal is available for Research-Use-Only offered as qPCR tests for decentralized use and via its service testing facility in The Netherlands. InnoSIGN utilizes its extensive database with more than 100,000 pathway activity profiles to support diagnostics and drug development.
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