Immortagen Inc., a University of Iowa spinoff venture, announced it has completed its Series A equity financing.
Immortagen is a women's cancer company that is developing genetic analysis tools for personalized medicine. The proprietary tools will assist pharmaceutical and diagnostics companies in interpreting next-generation genetic data and guide clinical trial design and recruitment.
"Our initial financing will allow us to continue to develop our prototype artificial intelligence-based algorithms, which we believe have the potential to dramatically drive forward drug matching for the development of new oncology drugs and diagnostics," Immortagen president and CEO Kurt Heiar said. "While we are initially focused on women's cancers due to the world-class expertise of our four founders, we ultimately believe our portfolio will be applicable to a broad range of solid tumors."
Immortagen was launched in 2014 by UI researchers Donghai Dai, Kristina Thiel, Baoli Yang and Kimberly Leslie. Led by John Pappajohn of Des Moines, Immortagen has already hired its initial scientists and is pushing forward with several product platforms.
Vice President Joe Biden's Cancer Moonshot Initiative placed personalized medicine in the national spotlight. The ultimate goal of personalized medicine is to custom-design cancer therapies for each individual patient based on the unique genetic properties of their tumors.