The platform offers tracking of blood-based biomarkers, enhanced MRI insights, and a nurse led care partner programme
Octave Bioscience raises $32m funding. (Credit: Capri23auto from Pixabay.)
Octave Bioscience has secured $32m financing from a Series B financing round, to advance the development of its care management platform for neurodegenerative diseases.
The financing round was led by Northpond Ventures, and with participation by Deerfield Management and Casdin Capital.
Existing investors Blue Venture Fund, Echo Health Ventures, Section 32 and several private investors also participated in the investment round.
Octave Bioscience is engaged in developing a fully integrated care management platform for multiple zsclerosis (MS) and other neurodegenerative diseases.
With the financing, the company intends to complete the development of its advanced measurement and management products and services, expand clinical data, begin early commercial activities and serve neurologists, MS patients and health plans.
Northpond Ventures founder and CEO Michael Rubin said: “Beyond multiple sclerosis, Parkinson’s disease, ALS and Alzheimer’s disease are chronic, debilitating diseases, which can lead to inevitable progression and huge burdens on families, the medical community and society.
“Northpond is excited to lead this investment as we believe Octave’s solution will transform the way neurodegenerative diseases will be managed by providing expanded insights into a patient’s specific disease stage, severity and progression while accessing care protocols and evidence-based insights to improve patient outcomes and quality of life.”
Octave platform provides clinical insights in neurodegenerative diseases
Octave Bioscience has almost completed the development of its advanced care management platform for neurodegenerative diseases, starting with MS.
The care platform is designed to provide a quantitative, objective measurement system designed to expand clinical insights in neurodegenerative diseases.
Also, the platform offers tracking of blood-based biomarkers, enhanced MRI insights and patient monitoring using mobile tools, sensors and a nurse led care partner programme.
The new measurement tools introduced into the care pathway models and analytical support systems would improve patient management decisions, and result in better outcomes with reduced costs, said the company.
Octave Bioscience founder and CEO William A Hagstrom said: “We welcome Northpond, Deerfield and Casdin and are thrilled to have them join our existing investors in our shared goal of improving patient lives and outcomes.
“Neurodegenerative diseases represent a new and important frontier for innovation in the quest to address significant unmet needs and transform care. These are complex diseases with significant variation in practice and, in the end, highly variable results. Current patient evaluations are often subjective, qualitative and lacking in precision.
“Octave is transforming this field, beginning with MS, by creating novel capabilities in measurement, monitoring and management to break through the complexity and provide physicians and their patients more precise clinical insights.”