OncoHost Raises $35M For Precision Oncology Diagnostic Solution
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Israeli personalized cancer therapy company OncoHost, announced on Tuesday that it raised $35 million in a Series C funding round to finance its multicenter PROPHETIC trial that tests the company’s machine-learning-based host response profiling platform PROphet, a precision oncology diagnostic solution.
The funding will also be used to support the company’s commercial launch, which is scheduled for the third quarter of 2022.
The round was led by health tech fund ALIVE Israel HealthTech VC, alongside other investors including Israeli financial firm Leumi Partners, Israel’s largest pension fund Menora Mivtachim, and Israeli investment platform OurCrowd, among others.
“This is OncoHost’s third and most significant investment round to date, demonstrating the company’s maturity, credibility, and scalability,” said Dr. Ofer Sharon, CEO of OncoHost. “We are honored to be supported by leading local and global investment funds that understand and support our vision to shift the landscape of oncology to a truly personalized approach and want to be part of our journey in revolutionizing cancer care.”
Founded in 2017, OncoHost develops technology for characterizing, analyzing, and predicting patient response to personalized treatment to inform methods that will improve outcomes and reduce unwanted side effects. The company’s PROphet system is a real-time ‘disease navigator’ that analyzes proteomic, or protein, changes in a patient’s blood sample to determine an individual’s biological responsiveness to cancer therapy and to pinpoint the most appropriate combination of strategies to overcome any possible resistance to treatment. Clinical trial results revealed the system’s high degree of accuracy in assessing non-small cell lung cancer (NSCLC) patient response at three months, six months, and one year.
“OncoHost provides significant value to both cancer patients and their clinicians and it is an honor to have led this transformational funding round,” said Prof. Ari Shamiss, co-founder and general managing partner of ALIVE Israel HealthTech VC and new OncoHost board member. “With promising and significant clinical results, OncoHost’s unique approach can create a brighter and better future for the world of precision oncology, maximizing the likelihood of selecting the correct therapy combinations and dramatically improving therapeutic results for cancer patients. We are confident that OncoHost is set to become a pivotal proteomics market leader in personalized oncology treatment.”