NuMedii, Inc., a Menlo Park, CA-based drug discovery company, received $3.5m in Series A funding.
The round was led by Claremont Creek Ventures and Lightspeed Venture Partners, with participation from Life Science Angels and others. In conjunction with the funding, Ted Driscoll, Ph.D., Venture Partner at Claremont Creek Ventures, will serve as Chairman of the board. Brad Webb, Ph.D., a Venture Partner at Claremont Creek Ventures and Samuel Saks, a board-certified oncologist and founder of Jazz Pharmaceuticals, Inc., will also join the company’s board.
The company intends to use the funds to further develop its proprietary technology and prepare its first three internal drug development programs for clinical testing.
Founded in 2008 by CEO Gini Deshpande, Ph.D., and Dr. Atul Butte, NuMedii discovers new drugs by leveraging its predictive Big Data technology, which was originally developed at Stanford. Licensed exclusively to NuMedii, the company integrates these data with network-based algorithms to discover drug-disease connections and biomarkers. It then partners with pharmaceutical companies for the development and commercialization of its proprietary therapeutic candidates.
NuMedii, which already entered into a strategic collaboration with Aptalis Pharma in 2012 to develop new therapies for gastrointestinal disorders and cystic fibrosis, has just added Craig Webb, Ph.D. as its Chief Scientific Officer.