NEW YORK (GenomeWeb) – Cancer data analysis firm COTA today said that it has raised $3.7 million toward a targeted $7 million in a Series A financing round.
Horizon Healthcare Services led the round and was joined by Med-Metrix. The funds will be used to further develop COTA's cloud-based platform, hire new staff, and launch the company's first commercial product.
COTA's platform, also called COTA, short for Cancer Outcomes Tracking and Analysis, was designed with input from more than 100 practicing oncologists, as well as experts in cancer biostatistics and healthcare reimbursements and provides real-time clinical outcomes data and cost analysis for cancer care, which the company said is especially crucial as molecular testing for cancer becomes more routine.
The Hackensack, NJ-based firm also announced three additions to its board, Glenn Pomerantz, vice president and chief medical officer of Horizon Healthcare; Joseph Davi, CEO of Med-Metrix; and William DeRosa of Regional Cancer Care Associates. Another board appointee from Horizon Healthcare will be named later.
"In the molecular age of medicine, the data COTA provides can give doctors a clearer picture of how to most effectively treat their patients, so we see this as an investment to further transform how health plans and doctors collaborate to improve safety and patient outcomes," Pomerantz said in a statement.