- MedGenome is the main supplier of genomic options for populations in South Asia and gives superior genetic testing and bioinformatics options to sufferers, pharmaceutical firms, and analysis establishments world wide.
- The funding will improve entry to genetic testing throughout rising markets and contribute to essentially the most complete international genomic dataset.
FOSTER CITY, Calif., Aug. 30, 2022 /PRNewswire/ — MedGenome, the main genetic diagnostics, analysis, and knowledge firm in South Asia, introduced at the moment a $50 million funding led by Novo Holdings, a world chief in life science investing.
So far, MedGenome has administered greater than 300,000 complicated genetic assessments and served over 200,000 sufferers. The Firm obtains samples from almost 4,000 hospitals and 10,000 physicians throughout the globe. Novo’s funding will strengthen MedGenome’s scale past India and South Asia into Africa and the Center East and democratize entry to genetic testing and private healthcare throughout rising markets. MedGenome is a co-founding member of the GenomeAsia 100K Challenge and has constructed the biggest database of South Asian genetic variants―its continued growth will contribute to essentially the most complete genomic dataset on the planet.
MedGenome genetic testing gives insights into complicated, noncommunicable illnesses to assist within the drug discovery and scientific trials for therapy within the areas of oncology, diabetes, ophthalmology, cardiology, and different uncommon illnesses.
This newest spherical of funding can be used to broaden MedGenome’s product providing and enhance the attain of its key diagnostic companies, together with reproductive and oncology companies, in addition to the enhancement of MedGenome’s bioinformatics and SaaS choices.
“The success that the MedGenome staff has achieved over the past decade is extraordinary,” mentioned Amit Kakar at Novo Holdings. “MedGenome’s mission to remodel the way forward for customized healthcare―one that’s reasonably priced, inclusive, and equitable―is an ideal match with Novo’s funding technique and broader portfolio.”
“The MedGenome staff has constructed a mannequin of accessibility throughout South Asia that delivers cutting-edge diagnostic assessments, on the identical international normal of high quality as different market leaders, and at a fraction of the associated fee,” mentioned Mahesh Pratapneni, CEO of MedGenome. “We’re thrilled to have the help of the chief in worldwide life sciences investing behind us as we develop into new international markets and scale entry to reasonably priced and life-changing testing.”
“MedGenome is main the cultural shift of healthcare, taking it from one among generalization to a mannequin that prioritizes precision medication,” mentioned Dr. Felix Olale, Chairman of MedGenome’s Board of Administrators, and International Co-Lead for Healthcare Investments at LeapFrog Investments. “Breakthroughs and discovery are solely as profitable as the information on which they’re based mostly, and MedGenome’s mission to develop the worldwide genomic dataset to assist within the growth of extra inclusive and equitable analysis & drug discovery just isn’t solely inspiring, however vital to the way forward for international healthcare.
The funding will give Novo Holdings a major minority stake in MedGenome. LeapFrog Investments, which led a $55 million funding spherical in MedGenome in April 2020, can be including to its funding alongside Novo, in addition to present investor, Sofina.
About MedGenome
MedGenome, the market chief in South Asia, is a genomics-driven analysis and diagnostics firm with a mission to enhance international well being by decoding the genetic data contained in a person’s genome. Its distinctive entry to genomic, scientific, and phenotypic knowledge gives insights into complicated illnesses on the genetic and molecular stage with a purpose to remodel the follow of customized medication and scientific drug discovery.
About Novo Holdings A/S
Novo Holdings A/S is a non-public restricted legal responsibility firm wholly owned by the Novo Nordisk Basis. It’s the holding firm of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is accountable for managing the Novo Nordisk Basis’s belongings. Novo Holdings is acknowledged as a number one worldwide life science investor, with a concentrate on creating long-term worth. As a life science investor, Novo Holdings gives seed and enterprise capital to development-stage firms and takes important possession positions in development and well-established firms. Novo Holdings additionally manages a broad portfolio of diversified monetary belongings. For additional data, go to: https://www.novoholdings.dk
About LeapFrog Investments
LeapFrog invests in distinctive companies in Africa and Asia, partnering with their leaders to realize leaps of development, profitability, and social impression. Based in 2007, LeapFrog’s portfolio firms now attain 342 million folks throughout 35 international locations with healthcare or monetary companies. LeapFrog has raised over US$2bn from international institutional buyers, together with US$500mn lately dedicated by Temasek to LeapFrog and its future funds. LeapFrog was ranked by Fortune as one of many prime 5 Firms to Change the World, the primary non-public funding agency ever listed. For extra data, go to: www.leapfroginvest.com.
SOURCE Novo Holdings
