NEW YORK (GenomeWeb) – Precision Therapeutics today announced a $60 million investment and a new name, Helomics.
Helomics also named a new management team and board. The privately held firm will remain based in Pittsburgh and develop diagnostics targeting cancer. It said that it will advance proprietary technology platforms in genomics, proteomics, bioinformatics, and cellular analysis combined with a personalized reporting system for tumor profiling and predictive analytics to aid physicians in determining the most appropriate treatment options for their patients.
Its flagship product is the ChemoFx Chemoresponse Marker for helping physicians select treatments for women with gynecologic cancer. Other core products in its portfolio include BioSpeciFx, a group of biomarker tests for drug response and patient prognosis, and GeneFx, a microarray-based gene signature for assessing a patient's risk of recurrence of colon cancer within five years. Additionally, Helomics said that as part of a new strategic initiative, it plans to offer a more comprehensive set of services, including genomics and proteomics analytics, bioinformatics and personalized analytics, an expanded platform for precision cellular analytics, contract research and development, and biorepository and biobanking.
It added that it will actively look to acquire new products to enhance its personalized healthcare platform.
Healthcare investment firm HealthCare Royalty Partners has invested $60 million into Helomics to finance its initiatives, Helomics said.
The company also named a new management team headed by President and CEO Neil Campbell. During the past 30 years, Campbell has helped launch 275 life science products and services. He has served in various management positions at Abbott Laboratories, where he worked in the diagnostics division in sales, marketing, and business development. He was also senior director, commercial development at Celera Genomics and managed the cell and molecular biology business at Life Technologies.
Additionally, Helomics appointed Dane Saglio vice president and CFO. He previously was CFO at companies including RegeneRx Biopharmaceuticals, New Generation Biofuels, and EntreMed. Ed Whigham was named VP of sales.
The company named a new board that includes Todd Davis, who will serve as the chairman; Campbell; Clarke Futch; Marc Kozin; D. Stafford O'Kelly; and Matthew Reber.
"The marketplace for individualizing medicine is rapidly growing," Campbell said in a statement. "With an even greater strategic vision and new management team, we believe Helomics is uniquely positioned to be the next generation in personalized healthcare for patients with cancer and their physicians."