NEW YORK – Octave Bioscience has closed a $30 million extension to its Series B funding round, the biotechnology firm said Wednesday.
Octave said it will use the additional funding to accelerate commercialization of its multiple sclerosis (MS) precision care offering, a set of measurement tools that provide data to inform treatment and care management. The product brings together data from blood-based biomarker tests and MRIs to measure disease activity and progression.
"The strength and breadth of our investment partners illustrate the impact our solution has across the entire healthcare ecosystem — physicians, payors, pharma, and most importantly, patients," Octave Founder and CEO William Hagstrom said in a statement.
New investors in the Series B funding round included Novartis' dRx Capital, Hikma Pharmaceuticals' Hikma Ventures, and Intermountain Health's Intermountain Ventures, with participation from all existing investors including Blue Venture Fund, Echo Health Ventures, Section 32, Northpond Ventures, Deerfield Management, Casdin Capital, and Merck Global Health Innovation Fund.
Menlo Park, California-based Octave said it plans to expand into other neurodegenerative diseases, including Parkinson's disease and Alzheimer's disease, in the future.