Decoding genes to find solutions for diseases
Med Genome offers research and diagnostic sin complex gene-related maladies; needs to expand reach, writes Shame en Alauddin
MedGenome offers research and diagnostics in complex gene-related maladies; needs to expand reach. SHAMEEN ALAUDDIN writes
Fascinated with the idea of the “source code of life”, Sam Santhosh, founder of Med Genome, spent a little more than seven years in de coding the cause of genomic diseases and finding solutions for these. His research came after completion of the human genome project created waves in the health care and scientific world in 2003.
With advanced technologies like Next Generation Sequencing (NGS), Santhosh saw an opportunity to build a company focused on genomics. And, started SciGenom in 2010. Based out of Kochi, it catered for genomics services and offerings across humans, agriculture, microbials and animals. In 2011, MedGenome was incubated as a division of SciGenom, with a focus on offering genetic diagnostics for human samples. In 2013, MedGenome was spun off as an independent company.
The start-up recently bagged $40 million in Series-C funding, led by Sofina, Sequoia Capital and HDFC. This comes a little over seven months after it received $30 million from existing investors Sequoia Capital and Sofina SA.
Concept
Genomics is the study of genes and its functions that help identify their combined influence on growth and development of the organism. A genome is stored in long molecules of DNA called chromosomes. MedGenome is a genomics-based diagnostics and research company that aims to improve global health by decoding the genetic information in an individual’s genome.
The company claims to be the first leading provider of end-to-end solutions for genomics research in India.
The founder saysMedGenome pioneered liquid biopsy test OncoTrack in India for monitoring of cancer treatment, a non-invasive pre-natal screening test (NIPT) for screening of chromosomal abnormalities in a foetus, a carrier screening test for couples planning a baby and a whole exome sequencing test for identifying mutations in rare diseases.
The company leverages Indian health data to provide insights into complex diseases at a molecular and genetic level. Its research solutions apply cutting-edge genomics technologies, bioinformatics, computing and big data analytics to the genetically diverse and large South Asian population. It helps understand the genetic basis of cancer, metabolic disorders, eye disorders and other complex ailments. It also addresses research questions in hereditary diseases, cardio-vascular complications and neurological disorder.
Opportunity
MedGenome’s Certified Analytics Professional laboratory in Bengaluru is the largest NGS lab in Southeast Asia, claims the company.
OncoTrack is a blood test to monitor and assess the response to treatment for cancer. It facilitates early detection of emergent genetic alterations that could be associated with resistance to therapy during cancer progression.
The sector is at a nascent stage in India. Most gene samples have to be sent abroad. That not only means higher costs for patients but also a longer waiting period to get the results. Also, due to lack of baseline Indian genetic data, these reports are not necessarily accurate. MedGenome aims to create awareness of this industry and solve the inefficiencies.
Others in the field include Strand Life Sciences, Datar Genetics and Core Diagnostics. The company claims to be the biggest, working with over 500 hospitals. “We believe genomics will continue to change and define the future of diagnostics and medicine. MedGenome’s world-class infrastructure and bioinformatics capabilities separate these from domestic competition, and their unique access to India-specific data makes them significant in the global context,” says Abhay Pandey, managing director, Sequoia Capital India Advisors.
Revenue
Having two main sources of revenue, research and diagnostics, the start-up makes money by mostly getting contracts. It has a little over 85 business-to-business customers for its research services and 1,200 diagnostics customers in India, Singapore and the United States.
It pegs the Indian genetics diagnostics market at $40 million, with an expected annual growth rate of 15 per cent till 2020. Currently, it sees the NSG market at $6 million.
While the company did not disclose financial details, it says it earns an operating profit.
Ahead
MedGenome’s long-term vision is to develop medicines precisely for diseases currently deemed difficult to cure. And, to expand to other South Asian countries. The next milestone would be to license its internet protocol-driven data to pharmaceutical companies and cross the $24-million mark for financial year 2017-2018.