Octave raises $30M to speed commercialization of care program
Program takes personalized approach to MS patient care
Octave Bioscience has raised $30 million in financing to help accelerate commercialization efforts for its precision care program for people with multiple sclerosis (MS).
“We have made significant progress in deploying our solution for multiple sclerosis patients,” William Hagstrom, founder and CEO of Octave, said in a company press release.
MS affects each patient differently
MS affects each patient differently, which can make it challenging for physicians and patients to determine the best ways to manage the disease. Octave’s program, called the MS Precision Care Solution, combines biomarker data from blood and imaging tests with clinical data and symptom tracking to help guide personalized care.
“With our multimodal precision care solution, we are providing tools, insights, and a platform that enable a personalized approach to patient care, better treatment decisions and improved outcomes,” Hagstrom said.
The program was commercially launched late last year, and is already being used at multiple MS Centers of Excellence, as well as academic and private clinics across the U.S., according to the company.
The new series B financing will be used to help bring the program to more patients. Octave is actively working to partner with physicians to identify and address challenges in MS care, and also is looking to expand its program to help guide care for other neurological disorders.
The financing round included all previous investors: The Blue Venture Fund, Echo Health Ventures, Section 32, Northpond Ventures, Deerfield Management, Casdin Capital, and Merck Global Health Innovation Fund. Three new investors include Novartis (dRx Capital), Hikma Ventures (the venture capital arm of Hikma Pharmaceuticals), and Intermountain Ventures.
Novartis markets several MS therapies, including Kesimpta (ofatumumab), Mayzent (siponimod), and Gilenya (fingolimod). Hikma, focused on the development of generics, sells generics of some MS therapies, such as dalfampridine (brand name Ampyra).
“MS varies significantly from person to person, but existing diagnostic and treatment methods fall woefully short of capturing the nuances that ultimately have a massive impact on patients’ quality of life and outcomes,” said Nickolas Mark, managing director and partner at Intermountain Ventures. “Octave’s precision care is a beacon of hope for the 1 million people in this country living with this disease.”
Lana Ghanem, managing director of Hikma Ventures, added: “We are impressed with Octave’s comprehensive solution and its ability to help address the immense unmet need for patients with neurodegenerative diseases. By offering an end-to-end solution which optimizes and personalizes care, Octave is revolutionizing the way MS is treated and managed.”
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