Octave Bioscience, a company focused on delivering precision medicine for neurodegenerative diseases like multiple sclerosis, announced it closed a $30 million extension to its Series B round.
Hikma Pharmaceuticals’ venture capital arm, Hikma Ventures, participated in the round alongside Novartis (dRx Capital) and Intermountain Ventures. Existing investors Echo Health Ventures, Deerfield Management, Section 32, Blue Venture Fund, Casdin Capital, Northpond Ventures and Merck Global Health Innovation Fund also contributed funding.
WHAT THEY DO
The California-based company offers precision medicine, including AI analysis of MRI scans, a multivariate biomarker blood test designed for multiple sclerosis analysis and continuous patient monitoring to help providers measure, manage and provide clinical outcomes to individuals with MS and other neurodegenerative diseases.
Multiple sclerosis is a neurodegenerative disease where the immune system attacks the nervous system causing lesions that can sometimes be debilitating.
Octave will use the funds to accelerate its commercialization efforts to reach more MS patients.
“We are impressed with Octave’s comprehensive solution and its ability to help address the immense unmet need for patients with neurodegenerative diseases,” Lana Ghanem, managing director of Hikma Ventures, said in a statement. “By offering an end-to-end solution which optimizes and personalizes care, Octave is revolutionizing the way MS is treated and managed. Octave has made tremendous progress in MS, and we’re thrilled to support their important mission.”
MARKET SNAPSHOT
About 2.8 million people live with multiple sclerosis worldwide, with nearly one million residing in the United States alone.
In 2020, Octave Bioscience scored $32 million in Series B financing, two years after it secured $14 million in Series A funding.
Another company focusing on delivering solutions for multiple sclerosis patients is digital therapeutic maker Happify Health, which provides a community for people living with MS, as well as access to neurology providers like doctors and nurses, mental health professionals, dietitians and rehabilitation professionals.