Jul 18, 2011

Intervention Insights Closes $7.2M July 18, 2011 Grand Rapids, Mich.-based Intervention Insights has closed on $7.2 million in Series B financing. Michigan venture investor Beringea and Louisville, Ky.-based Chrysalis Ventures co-led the round, which also included funding from Hopen Life Sciences, Michigan Accelerator Fund I. The company, a healthcare information technology start-up, will use the money to expand commercialization of its platform, designed to help community oncologists develop individualized patient treatment plans. PRESS RELEASE Intervention Insights, a Grand Rapids-based healthcare information technology company which helps community oncologists develop individualized patient treatment plans, today announced the close of $7.2 million in Series B financing. The deal was co-led by Michigan venture investor Beringea and Louisville, Ky.-based Chrysalis Ventures, who were joined by Hopen Life Sciences, Michigan Accelerator Fund I and other existing investors. In conjunction with the financing, Beringea Managing Director Michael Gross and Chrysalis Managing Director Koleman Karleski have joined the company’s board of directors. The investment will enable the company to expand the commercialization of its OncInsights product platform, while furthering strategic relationships in the cancer care industry. “Our new funding positions us well in the emerging personalized oncology market and allows us to expand our service offerings to support community oncologists,” said Jerry Callahan, CEO of Intervention Insights. “We believe that serving community oncology, as opposed to reserving ‘optimal’ care to our academic cancer centers, is a critical element in improving cancer care in the U.S., where more than 80% of all U.S. cancer patients are treated.” Founded in 2009 based on a technology licensed from the Van Andel Research Institute (VARI), Intervention Insights’ flagship product, OncInsights, is based on VARI’s powerful bioinformatics platform. The OncInsights service works by matching a patient’s unique cancer profile of more than 22,000 genes and matches the cancer’s unique genomic make-up to the molecular mechanisms of action for more than 300 drugs. The end result is an easy-to-use report, electronically delivered to the oncologist to support her in making a treatment decision. This interactive report ranks molecularly targeted therapies which may target the patient’s cancer. The OncInsights service is continually refined to provide physicians with latest evidenced-based, patient specific treatment options in an effort to improve outcomes and reduce costs. “Intervention Insights is another example of innovation emerging from the state of Michigan’s investment in life science research, resulting in an industry-leading technology that is transforming the way oncologists administer care,” said Michael Gross, managing director of Beringea. “The company’s technology is part of a rapidly emerging ‘personalized’ era of medicine, which uses a patient’s unique genetic information to tailor the appropriate therapy. Beringea is eager to help Intervention Insights bring its unique technology to a broader market and contribute to Michigan’s reputation as a leader in health care.” “We strongly believe the proliferation of new healthcare technology, information and services will result in more personalized, effective care, leading to better outcomes,” said Koleman Karleski, managing director of Chrysalis Ventures. “In addition, customized treatment programs reduce unnecessary costs to the system by eliminating ineffective drugs and therapies while keeping the quality of care high. We look forward to partnering with Intervention Insights as the company expands its OncInsights service offering and establishes strategic relationships with payers and oncologists.” About Intervention Insights Intervention Insights’ mission is to improve the lives of patients afflicted with cancer through evidence-based, molecularly targeted therapeutic interventions that are applied by community physicians. Founded in 2009 as part of a new field associating drug therapies with genomic signatures of disease — pharmacogenomics— our bioinformatics platform maps the unique genomic characteristics of a cancer specimen to treatments designed to target a patient’s unique molecular tumor profile. The technology is commercially available and used by an expanding network of community oncologists. For more information, visit www.interventioninsights.com About Beringea Beringea offers advice, guidance and capital to support growing businesses. Headquartered in Farmington Hills, Mich., the firm is Michigan’s largest and most active venture and expansion-stage capital investor. With an additional office in London, Beringea has more than 70 portfolio companies in the U.S. and UK in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Beringea is the manager of several funds, including the InvestMichigan! Growth Capital Fund and the ProVen family of venture capital trusts. For more information, visit www.beringea.com or www.investmichiganfund.com. About Chrysalis Ventures Chrysalis Ventures manages one of Mid-America’s largest funds for early-stage and growth investments with approximately $400 million under management. Since 1993, the firm has invested in over 65 companies, primarily in the healthcare and technology sectors. With headquarters in Louisville, Kentucky, Chrysalis has offices in Cleveland, Pittsburgh, Ann Arbor and Houston. The firm seeks to partner with entrepreneurs to build enduring businesses in industries undergoing significant transformation. © 2015 Buyouts Insider / Argosy Group LLC