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Genomate Health Raises $2.25M for AI-Based Model to Predict Targeted Cancer Therapy Response

This article has been updated correct erroneous information provided by Genomate regarding CE marking of its computational model. The model is not a CE-marked medical device in the EU.

NEW YORK – Genomate Health on Tuesday said it raised $2.25 million in funding to further develop and pursue US Food and Drug Administration clearance for an artificial intelligence-driven computational model that predicts therapeutic response to molecularly targeted cancer drugs.

Genomate's algorithm ranks therapies that target cancer driver alterations by calculating a cumulative score for each match between a drug and a genomic profile that predicts how well each drug is likely to work for a specific patient. Oncology clinics in Central and Eastern Europe have already incorporated the algorithm into their workflow to support recommendations by molecular tumor boards of targeted therapies for specific patients.

The company, which is headquartered in Cambridge, Massachusetts, with a satellite location in Budapest, Hungary, has recently graduated from the Mayo Clinic Platform_Accelerate program, an incubator that helps startups with validation and clinical readiness for AI-driven healthcare technology.