NuMedii, Inc. today announced that it has received $3.5M in a Series A
funding led by Claremont Creek Ventures and Lightspeed Venture Partners,
with participation by Life Science Angels and others. NuMedii raised
this initial funding to further develop its proprietary technology and
prepare its first three internal drug development programs for clinical
“NuMedii’s drug development approach is extremely capital efficient and
is designed to be much more successful in bringing new therapeutics to
patients. We are excited to have the backing of investors and advisors
who have a track record of successfully establishing life science
companies and who support our long term vision for our company,” said
NuMedii founder and CEO, Gini Deshpande, Ph.D.
By leveraging vast amounts of life sciences “Big Data” correlating
disease information with drug data, NuMedii’s technology predicts which
drugs will be most effective in treating a particular disease. NuMedii
then translates this information into novel therapeutic candidates.
NuMedii’s core technology was invented by its co-founder, Dr. Atul Butte
at Stanford University and is exclusively licensed to NuMedii.
NuMedii is also expanding its Board of Directors. In addition to Drs.
Deshpande and Butte, the Board will include Ted Driscoll, Ph.D., Brad
Webb, Ph.D. and Samuel Saks, MD. Ted is a Venture Partner leading the
Digital Healthcare team at Claremont Creek Ventures and will serve as
Chairman. Brad is a Venture Partner at Claremont Creek Ventures and Sam
is a board-certified oncologist and founder of Jazz Pharmaceuticals, Inc.
Sam Saks commented, “I have been an advisor to NuMedii since 2011 and
believe NuMedii’s technology is an example of the type of innovation
that is required to fundamentally address the constant failure plaguing
the drug development industry.”
“NuMedii is pioneering 'digital' pharma development, which perfectly
fits Claremont Creek Ventures’ focus on investing in early stage
companies that are revolutionizing medicine with genetics, data mining
and computation,” added Ted Driscoll.
Ravi Mhatre, Partner at Lightspeed Venture Partners, noted that LSVP “is
actively investing in disruptive applications of Big Data. NuMedii has
the potential to disrupt the drug development process by utilizing life
science Big Data.”
NuMedii today also announced the appointment of Craig Webb, Ph.D. as its
Chief Scientific Officer. Dr. Webb spent the past thirteen years
developing an integrated program in translational medicine as one of the
founding scientists at the Van Andel Research Institute in Michigan. His
work focused on integrating advances in genomics and computational
biology to identify optimal therapies for cancer patients, and identify
new uses of existing drugs beyond their approved indication.
“I am delighted to be joining a talented team of dedicated individuals
with a collective focus on the efficient discovery and rapid validation
of new uses of existing drugs. The NuMedii approach represents the most
time and cost effective means through which safe and effective medicines
can be developed for patients in need,” said Dr. Webb.
About NuMedii, Inc.
Founded in 2008, NuMedii discovers and de-risks effective new
drugs by translating its predictive Big Data technology into therapies
with a higher probability of therapeutic success. The company’s
Big Data technology, originally developed at Stanford and licensed
exclusively to NuMedii, consists of billions of data points of
ever-increasing amounts of comprehensive disease, pharmacological and
clinical data. NuMedii integrates these data with network-based
algorithms to discover drug-disease connections and biomarkers that are
predictive of efficacy. The company has successfully validated its Big
Data technology as six of six drug candidates have demonstrated
preclinical activity for the predicted new indication. NuMedii will
partner with pharmaceutical companies for the development and
commercialization of its proprietary therapeutic candidates. NuMedii
entered into a strategic collaboration with Aptalis Pharma in 2012 to
develop new therapies for gastrointestinal disorders and cystic
fibrosis. The company's advisors include longtime Bay Area biotech
entrepreneur Corey Goodman, former Pacific Biosciences Inc. Chief
Scientific Officer Eric Schadt and Pankaj Jay Pasricha, Director of the
Center for Neurogastroenterology at Johns Hopkins University. For more
information, visit www.numedii.com.
About Claremont Creek Ventures
Claremont Creek Ventures (CCV) is a seed and early stage venture firm.
The firm focuses on information technology (IT) driven opportunities
where it has deep domain expertise such as digital healthcare, energy
technology, payments/commerce, and online businesses. CCV builds
successful companies today by staying lean, using capital efficiently,
and developing great teams. Utilizing the firm's proprietary life-cycle
venturing program, CCV partners with entrepreneurs and institutions,
including UC Berkeley, Lawrence Livermore Labs, Stanford University and
UC Davis. Claremont Creek Ventures has more than $300 million in capital
under management in two funds. For more information, visit www.claremontcreek.com.
About Lightspeed Venture Partners
Lightspeed Venture Partners is a leading global venture capital firm
with over $2 billion of committed capital under management. Lightspeed’s
investment professionals and advisors are located in Silicon Valley,
India, Israel and China with Lightspeed China Partners. Over the past
two decades, the Lightspeed team has backed more than 200 companies,
many of which have become leaders in their respective markets, including
Blue Nile, Brocade, Ciena, DoubleClick, eHealth, Fusion-io, Informatica,
Kiva Software, Kosmix, LivingSocial, Lucky Pai, Maker Communications,
Playdom, Provigent, Riverbed Technology, Solazyme, TutorVista, Virsa
Systems, Waveset, and XtremIO. For more information, visit the
Lightspeed website: www.lightspeedvp.com