News

Oncology solutions company Mitra Biotech raises $40 million

Oncology solutions company Mitra Biotech has raised $40 million in a Series C funding round, which was led by Maryland-based NorthpondVentures and saw participation from existing investors Accel Partners, Sequoia Capital, Sands Capital Ventures, RA Capital Management and TataCapital.

Boston and Bengaluru based Mitra Biotech is an innovative biotechnology company dedicated to discover tools to segregate patients for existing and developing anti-cancer treatments. Mitra is addressing significant challenges in personalized cancer medicine with dedicated scientists educated and trained in world famous institutes.

Also read: BENGALURU, DELHI TOP IN STARTUP FUNDING: CB INSIGHTS

The company said it intends to use the funds raised for commercial expansion and completing the required data generation to get reimbursement coverage for a broad category of cancer indications.

“The company is working on insurance coverage of CANscript for broad cancer indications for multiple classes of drugs in advanced settings,” said Mallikarjun Sundaram, chief executive at MitraBiotech.

Mitra helps drug companies do their clinical trials in a more efficient way.

“We are working with more than 15 companies and carrying out around 50 projects,” said Sundaram.

Also read: WHATSAPP OFFERS TIPS TO IDENTIFY FAKE NEWS

Before founding Mitra, Sundaram, who completed bachelor of pharmacy (BPharm) from IIT-BHU, was a scientific co-founder of listed pharmaceutical products company Momenta Pharmaceuticals.

Mitra’s hospital clients include cancer care hospitals such as Healthcare Global (HCG) Group of Hospitals, Apollo Hospital-Delhi, and Fortis Hospital-Delhi.

“We are working with over 30 centers in the US and 40 centers in India,” said Sundaram.

Also read: HOW TO SCALE-UP YOUR STARTUP BY BOOTSTRAPPING?