InnoSIGN completes spin-out from Philips

Eindhoven, The Netherlands-based InnoSIGN, a manufacturer of precision medicine for diagnostic and drug development applications, announced that it raised $8M (approximately €7.33M) in its Series A round of funding.

The investment came from Casdin Capital, Life Science Angels, Thuja Capital, and Brabant Development Agency.

Capital utilisation
InnoSIGN says that the funds will help the company spin-out from Royal Philips to form a standalone company centred upon the OncoSIGNal pathway activity profiling technology.

Philips will own a minority stake in the new company. Henk van Houten, CTO and Head of Research at Philips, says, “InnoSIGN, as a stand-alone company, will be able to accelerate the development of OncoSIGNal tests which have the potential to make oncology diagnostics more efficient and precise, leading to better health outcomes.”

Paul van de Wiel, CEO and co-founder of InnoSIGN, adds, “This funding round will enable us to demonstrate the added value of OncoSIGNal compared to standard technologies for the better understanding of cell behaviour, which is highly relevant to physicians when selecting the optimal personalised therapy for cancer patients.”

InnoSIGN also says that the funds will help implement the company’s growth plans by leveraging the first-mover advantage to complete further clinical validation studies and launch in the US market. The company says it will maintain its R&D facility located at the High Tech Campus in Eindhoven, The Netherlands. Silicon Canals