Mitra Biotech Raises Venture Capital Funding from Tata Capital Innovations Fund
October 24, 2013 - Bangalore, Karnataka, India
Mitra, a company headquartered in Bangalore (India), is a translational biology company focused on offering personalized cancer care to patients through its proprietary patient segregation model Oncoprint®. This technology determines the optimal drug or drug combination for a patient under investigation, thereby reducing overall treatment cycle and avoiding toxicity that arises from non-optimal drugs. The assays are carried out on patients’ own tumors by recreating human-tumor microenvironment on plates to ensure high specificity. Another application of Oncoprint® is in enabling rational drug discovery to help global pharmaceutical and biotech companies to navigate from late discovery to pre-clinical and clinical stages of drug development.
“Cancer is no more a disease of old age. With changes in lifestyle, the number of cases of cancer being reported by various sections of population has been on the increase. It is an opportune time to create awareness about personalized cancer treatment and its affordability”, said Mohan Harshey, Partner – Private Equity, Tata Capital. “Funding from Tata Capital Innovations Fund is a testimony of tremendous market opportunity for us, our unique market position and the successes we have been having in this market. We are honored to welcome Mr. Mohan Harshey and Mr. Vineet Chadha to our board”, Mallikarjun Sundaram, CEO and Co-founder of Mitra Biotech said. “Mitra has received significant market traction attributed to our focus on technology enabled personalized cancer care. Bolstered by the funding, we continue to expand our existing teams, our product portfolio and begin to build a strong presence in India and outside.” Pradip Majumder, CSO and Co-founder of Mitra Biotech said.
Mitra has partnered leading cancer hospitals like Tata Memorial Hospital, Mazumdar Shaw Cancer Center, Kidwai Memorial Center, Stanley Medical Center and HCG Cancer Network centers in bringing affordable cancer care to India. Mitra is expected to gain market traction rapidly over the next two years.
About Tata Capital Innovations Fund
Tata Capital Innovations Fund has been registered with SEBI as a domestic venture capital fund under the SEBI Regulations. The Fund is focused predominantly on technology led innovations which represent breakthrough, fundamental or incremental change in technology or process. It is a sector agnostic fund and can invest across all stages viz. start-up, early, growth and mature. Tata Capital Innovations Fund has made 5 investments till date including Mitra Biotech.
Mitra, founded in 2009, is an MIT/Harvard spinoff. Headquartered in Bangalore, Mitra is engaged in the business of enabling personalized cancer care and rational drug development through its proprietary pre-clinical platform Oncoprint®. The company’s USP is its novel technology Oncoprint® that addresses the pain points of generalized cancer care. Mitra’s state-of-the-art infrastructure & IRB approved protocols ensure accurate results at rapid turn-around times. The company boasts of leading scientists with vast experience in the field oncology supported by a number of publications. It also has a broad IP around its technology Oncoprint®. Mitra is led by Dr. Mallik Sundaram, Ph.D & MBA(President and CEO – is an adjunct faculty in MIT, Boston. He was also a scientific co-founder of Momenta Pharmaceuticals, Boston) and Dr. Pradip K Majumdar, Ph.D (Co-founder & CSO – Ex-faculty at Dana Farber Cancer Institute, Harvard Medical School).
Please visit www.mitrabiotech.com.
Source: Business Wire India