Intervention Insights secures 72 million in secondstage funding
Intervention Insights, an information technology company in Grand Rapids that helps community oncologists develop individualized patient treatment plans, has secured $7.2 million in second-stage financing.
Intervention Insights was founded in 2009 by Jerry Callahan and Kevin McCurren, using under-license software developed by Van Andel Institute to analyze cancerous tumors, especially those that are not responding to conventional treatment. In conventional tumor analysis, usually only one or two genes are studied to determine the type of tumor, and thus the drug that should be used to treat it. The Intervention Insights process looks at all 22,000 genes in a tumor to help decide which drug might be most successful.
The company is working with doctors in Texas and Indiana and the Cancer & Hematology Centers of Western Michigan — all independent oncologists not associated with any academic health centers.
The deal was co-led by Michigan venture investor Beringea and Louisville, Ky.-based Chrysalis Ventures, which were joined by Hopen Life Sciences, Michigan Accelerator Fund I and other existing investors. In conjunction with the financing, Beringea managing director Michael Gross and Chrysalis managing director Koleman Karleski have joined the Intervention Insights board of directors.
The investment will enable Intervention Insights to expand the commercialization of its OncInsights product platform while furthering strategic relationships in the cancer care industry.
“Our new funding positions us well in the emerging personalized oncology market and allows us to expand our service offerings to support community oncologists,” said Callahan, CEO of Intervention Insights. “We believe that serving community oncology, as opposed to reserving ‘optimal’ care to our academic cancer centers, is a critical element in improving cancer care in the U.S., where more than 80 percent of all U.S. cancer patients are treated.”
The OncInsights service matches a cancer’s unique genomic make-up to the molecular mechanisms of action for more than 300 drugs. The end result is a report electronically delivered to the oncologist to aid in making a treatment decision.
Beringea, which provides guidance and capital to growing businesses, is headquartered in Farmington Hills and has an office in London. It is Michigan’s largest venture and expansion-stage capital investor.
Chrysalis Ventures, headquartered in Louisville, manages one of the central U.S.A.’s largest funds for early-stage and growth investments, with approximately $400 million under management. Since 1993, the firm has invested in more than 65 companies, primarily in the health care and technology sectors.