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CTC Test Firm On-Q-ity Raises $5M, Names New CEO

NEW YORK (GenomeWeb News) – On-Q-ity today announced it has raised $5 million in financing and it has appointed Michael Stocum as the company's president and CEO.

The $5 million comes from its initial investors, Mohr Davidow Ventures, Atlas Ventures, and Physic Ventures. According to a spokesperson for On-Q-ity, the funds will be used to expand the company's platform capabilities and pursue partnerships with other firms "involved in advancing commercialized molecular diagnostics and novel personalized medicine tests."

Based in Waltham, Mass., On-Q-ity is developing technology for the capture and characterization of circulating tumor cells.

The company also plans to collaborate with pharmaceutical companies doing drug development, as well as life science product firms and service testing firms.

Stocum said in a statement that the company's main goal is to work with its collaborators "to actively engage in clinical studies to improve drug development and generate novel [circulating tumor cell] applications. We believe that tests based on our CTC platform will provide actionable information for physicians to better manage their patients' disease."

Stocum joins On-Q-ity after his predecessor Mara Aspinall left in August to become president of Ventana Medical Systems, part of Roche.

Stocum is founder of Personalized Medicine Partners, and will remain at that firm as its president while at On-Q-ity, the company spokesperson said. PMP offers strategic and operational support to biopharmaceutical and diagnostic firms, as well as contract research and laboratory service providers.

"PMP … is actually a network of experts focused on further developing the field of personalized medicine," she said. "The network of individuals that contribute to PMP Projects will continue to deliver on these projects while [Stocum] serves in his capacity as President and CEO of On-Q-ity."

Prior to PMP, Stocum was at GlaxoSmithKline R&D, where he directed the directed the biomarker business strategy for several of GSK's oncology agents.

On-Q-ity also said that Walt Carney will become a scientific advisor to On-Q-ity. He has been its chief scientific officer.