This week we explore a significant financing for an artificial intelligence-based biotech company, an investment in medtech by the UK government and a U.S. Food and Drug Administration visit to a major medtech incubator. We also look at a new product using AI to provide information regarding clinical trials. Finally, we highlight concerns from the FDA surrounding lab-developed testing.
Each week we highlight five things affecting the life sciences industry. Here’s the latest.
Evozyne secures investment for AI-driven drug discovery
Evozyne has successfully secured an $81 million series B investment round to bolster its generative AI-powered drug discovery platform and advance product development, per BioPharma-Reporter. Notably, earlier collaborations between Evozyne and NVIDIA resulted in the creation of a pioneering AI model tailored for designing therapeutic proteins. This innovative approach, showcased by NVIDIA at the J.P. Morgan Healthcare Conference, enhances the quantity and quality of synthetic protein designs, paving the way for the design of new therapeutics and expediting the development timeline for new treatments.
UK government’s investment in medtech for National Health Service
The UK’s National Health Service department of health and social care has announced an invitation for integrated care systems to bid for a portion of a £30 million fund dedicated to innovative medical technology. Medical Device + Diagnostic Industry reports that this initiative aims to alleviate the strain on the NHS, particularly during the winter season. Potential applications of the fund include the expansion of 3D checks to expedite cancer testing and innovative solutions like the logistical deployment of drones. Steve Barclay, the health and social care secretary, emphasized the importance of providing clinicians with cutting-edge technology to enhance care quality, reduce waiting times and address other priorities. The funding could facilitate the acquisition of the latest tech solutions to decrease waiting lists, hasten diagnoses, and broaden the scope of virtual wards. Furthermore, the investment might support wearable medical devices for continuous patient monitoring at home and advanced imaging technologies for early illness detection.
FDA delegation’s visit to T-Hub highlights Telangana’s medtech prowess
T-Hub, a prominent startup incubator in India, recently welcomed a delegation from the FDA. The visit aimed to delve into the southern state of India Telangana’s thriving innovation ecosystem, emphasizing medtech, health care and innovation. This event highlighted Telangana’s rapid growth in the life sciences and pharma sector, especially in medical devices and digital health. Per TimesTech, the hosts highlighted Telangana’s global significance, noting its hosting of the highest number of FDA-approved facilities worldwide.
New product launched using AI to provide clinical trial information
H1, a health care platform company, has launched a new product, GenosAI, according to Fierce Biotech. The solution offers a ChatGPT-like experience for users to ask questions about clinical trials using natural language processing. The platform provides a comprehensive dataset and the option to incorporate user data. H1, which initially started as a LinkedIn-like platform for health care professionals, has expanded its services and secured over $130 million in funding, since November 2021.
FDA signals concern regarding lab-developed tests
According to the Wall Street Journal, a proposed regulatory shift by the FDA is causing uncertainty in the laboratory-testing market as startups are developing advanced tests designed for early detection of diseases and to identify customized treatments. Lab-developed tests, often created and performed in a single lab, are being designed by startups using genomics and AI to identify diseases and therapies before symptoms appear. The FDA’s proposal to regulate such tests could lead to concern among investors in a sector that is currently attractive to venture capital firms.
For more insights in life sciences, check out RSM’s industry outlook.
