Pfizer-backed Entia raise $12m to launch virtual oncology solution
Entia, a medical technology business, which recently announced a commercial partnership with Pfizer UK, raised $12m earlier in the year in a funding round co-led by UK growth capital investor, BGF and growth fund manager, Parkwalk, with participation from existing seed investor Sussex Place Ventures.
The company will use the funds to launch Entia Liberty, a virtual oncology solution that allows patients to perform their own blood tests at home so remote healthcare teams can monitor and manage the haematological toxicity of cancer treatment. Over 50% of systemic anti-cancer therapies cause haematological toxicity, management of which accounts for 8% of all cancer treatment costs and leads to frequent and disruptive healthcare visits for patients.
“Our approach at Entia is to empower patients with greater freedom whilst also equipping healthcare professionals with the insights to make more informed and personalised clinical decisions.” said founder and CEO, Dr Toby Basey-Fisher. “This funding will enable us to put Liberty in the hands of patients and prepare to meet growing international demand for our solution”.
Zahir Kasmani, investor at BGF, said: “We’re delighted to be making another investment in the UK’s pioneering and thriving healthcare sector, having recently broken the £100 million investment figure in life sciences businesses. Toby and the team have built a fantastic business with technology that is proven and already performing well in the market, providing efficient and accessible solutions for problems facing patients, clinicians, healthcare providers and insurers. Their ambition for future growth is really amazing and we’re excited to be part of the journey.”
Pfizer UK recently announced its partnership with Entia in which it has committed to make Entia’s virtual monitoring service available in the UK for metastatic breast cancer patients in 2022, following regulatory approval.
Prior to this new investment, Entia has raised over $13m to date, including major investment from Innovate UK as part of its Biomedical Catalyst programme.