Mitra Biotech raises $27.4 million
Mitra Biotech Inc., a biotech company that develops and provides technologies that personalize cancer treatment, has raised $27.4 million (approximately Rs.184 crore) in a Series B round of financing led by Sequoia India and Sands Capital Ventures.
Mitra will use the funds to expand the availability of its CANScript service, which predicts personalised responses to cancer treatments and has demonstrated an extremely high correlation to actual clinical response. CANScript, a platform validated on thousands of patients, is used both to tailor therapies for patients and to speed drug development.
“These new funds will allow us to enhance our technology and engage in new studies to further demonstrate CANScript’s clinical utility. We will also move forward with our commercial efforts in the United States, as well as emerging and other key markets,We are excited to have such distinguished new investors join us in our efforts to personalise therapy selection for cancer patients around the world. We also appreciate the continued support from our ongoing investors and wish to thank our exiting investors,”
said Mallikarjun Sundaram, president, co-founder, and CEO of Mitra.
Mitra Biotech is engaged in supporting personalized oncology therapy selection and drug development. Founded in 2010, Mitra is based in Boston, and maintains a significant research and laboratory presence in Bengaluru.
Mitra’s clients include leading cancer care hospitals such as Healthcare Global (HCG) Group of Hospitals, Apollo Hospital-Delhi and Fortis Hospital-Delhi. “CANScript has the potential to speed oncology drug discovery and development by matching compounds to their indications of highest impact,” said Ian Ratcliffe, new Mitra board member representing Sands.
“Accel is proud to continue our investment and active involvement with Mitra,” said Mahendran Balachandran, Partner at Accel and Mitra Board member. “We also welcome our new investment partners and look forward to working with them to accomplish Mitra’s long-term clinical and commercial goals.” “Sequoia is pleased to join Mitra in their mission to have cancer patients receive treatments with the highest likelihood of success at the time when they can be most impactful,” said Anjana Sasidharan, Sequoia Principal and new Mitra Board member. “CANScript can also help patients avoid the side effects and costs of ineffective treatments.”
“CANScript has the potential to dramatically speed oncology drug discovery and development by matching compounds to their indications of highest impact. We are excited about the possibilities represented by Mitra and their developing technology,”
stated Ian Ratcliffe, new Mitra Board member representing Sands.
The company is led by a team of researchers, scientists, and medical commercialisation professionals. Their focus is on advancing the effective personalisation of cancer treatments and care around the world.