Healthcare Industry News: HSMN NewsFeed
News Release - April 28, 2017
Epic Sciences Announces Completion of $40 Million Series D FinancingProceeds to Advance Liquid Biopsy Tests to Predict Drug Response in Cancer Patients
SAN DIEGO, April 28, 2017 -- (Healthcare Sales & Marketing Network) -- Epic Sciences (Epic) announced today that the company has completed a $40 million Series D financing led by Hermed Capital. Altos Capital Partners, Domain Associates, Genomic Health, Pagoda Investment, Reach Tone Limited, RMI Partners, Sabby Capital and VI Ventures also participated in the financing. Epic is developing a portfolio of blood-based tests that predict drug response in cancer and recently partnered with Genomic Health to commercialize the OncotypeDx® AR-V7 Nucleus Detect™ test to leverage Genomic Health's world-class commercial channel and enterprise systems.
"We believe Epic Sciences' OncotypeDx AR-V7 Nucleus Detect test and its robust pipeline of predictive tests in oncology are truly unique in the industry," said Jerry Xiao, Ph.D., managing director of Hermed Capital. "These tests, enabled by Epic's sensitive, scalable and distributable rare cell detection technology, have the potential to revolutionize cancer care globally. We look forward to assisting Epic in exploring the Chinese market and commercializing its CTC platform and No Cell Left Behind® technology."
Epic plans to use the funds to accelerate clinical studies for oncology tests in the company's pipeline as well as enhance its proprietary No Cell Left Behind technology to include characterization of rare leukocyte cell populations with next generation digital imaging and big data analytics. These enhancements are designed to drive transformative insights into the cellular drivers of response or resistance to key drug classes such as immuno-oncology drugs.
"We are extremely pleased to have such a strong and diverse international syndicate that encompasses thought leaders from the venture capital and pharma communities, diagnostic strategics, innovators from the technology space and best in class partners in the Chinese market," said Murali Prahalad, Ph.D., president and CEO of Epic Sciences. "This funding will help advance our mission to provide physicians and patients with the most predictive, precise and personalized information to guide cancer therapy."
Working with its partners, Epic seeks to significantly improve clinical outcomes for patients through the development of novel predictive tests that help physicians provide therapies individualized to a patient's unique tumor biology. Epic has published industry-leading clinical data in the journals JAMA Oncology and European Urology on the OncotypeDx AR-V7 Nucleus Detect test in metastatic castration-resistant prostate cancer. These data show that patients with detectable levels of AR-V7 positive circulating tumor cells in their blood had significantly better clinical outcomes when treated with taxane chemotherapy than more expensive targeted therapies. Once this test is commercialized, it will help physicians and patients decide when to proceed with taxane chemotherapy or androgen directed therapeutics. It is estimated that each year, about 50,000 mCRPC patients could benefit from knowing their AR-V7 status prior to selecting further treatment.
"Our strategic collaboration with Epic Sciences allows us to leverage Genomic Health's successful commercial channel to help address a significant unmet need in the management of late-stage prostate cancer," said Frederic Pla, Ph.D., chief business and product development officer, Genomic Health. "Epic Sciences' industry leading CTC-based platform combined with our Oncotype IQ™ Genomic Intelligence Platform will help further our offerings to oncologists and urologists."
About Epic Sciences
Epic Sciences, Inc. is developing novel diagnostics to personalize and advance the treatment and management of cancer. Epic Sciences' mission is to enable the rapid and non-invasive detection of genetic and molecular changes in cancer throughout a patient's journey. The company was founded on a powerful platform to identify and characterize rare cells, including circulating tumor cells (CTCs). Epic Sciences' no cell left behind® technology helps match patients to targeted therapies and monitor for drug resistance, so that the best treatment path can be chosen at every clinical decision point. Today, we partner with leading pharmaceutical companies and major cancer centers around the world. Epic Sciences' goal is to commercialize our technology to increase the success rate of cancer drugs in clinical trials and improve patient outcomes by providing physicians real-time information to guide treatment choices. Epic Sciences is headquartered in San Diego.
Further information is available on the Company's website, www.epicsciences.com. Stay in touch on Linkedin, on Twitter @EpicSciences or on Facebook.com/EpicSciences.
This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially and should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to Genomic Health's ability to commercialize OncotypeDx AR-V7 Nucleus Detect and unanticipated costs, delays or challenges associated with such commercialization efforts; and other risks and uncertainties set forth in Genomic Health's filings with the Securities and Exchange Commission, including its most recent report on Form 10-K for the year ended December 31, 2016. These forward-looking statements speak only as of the date hereof and Genomic Health disclaims any obligation to update these forward-looking statements.
Source: Epic Sciences
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