Sofinnova, has launched a new investment strategy focused on digital medicine. The European VC firm said it will back startups developing innovations that address systemic challenges in healthcare.
Talking to Medical Device Network, Sofinnova partner Edward Kliphuis, said digital medicine can address the pressures facing healthcare systems, improve outcomes and reduce costs. Indeed, there has been a threefold increase in costs as measured as a proportion of GDP spent on healthcare in the US and a twofold in Europe over the last 50 years.
“The investment strategy is focused on identifying early-stage companies that are leveraging digital technologies to transform healthcare. We have made investments in three companies so far, Deep C, Kiro and BioCorteX. We believe data medicine really has the potential to transform the way we approach healthcare and improve patient outcomes.”
Despite current market duress, Kliphuis says that Sofinnova is well capitalised and well-structured to bridge the current financial chasm.
“Whatever occurs in the market environment, we believe that that our unique strategy positions us at a competitive advantage,” he said.
BioCorteX is a company that Sofinnova has invested in as part of the new strategy. The digital medicine company raised $5m – led by Sofinnova and Hoxton Ventures. The company employs computer simulation technology to understand drug-bacteria interactions and improve patient response to treatments. Its lead product is CarbonMirror.
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“These funds will go on to develop CarbonMirror and proof points both in preclinical models, in mice, and other subclinical preclinical models, as well as in humans,” said Dr Nik Sharma, CEO and co-founder of BioCorteX, speaking to Medical Device Network.
“We sit at an intersection between conventional life science and deep tech, and the approach that Sofinnova is taking with its strategy, will unlock a huge amount of value and be able help more people living with diseases.”