COTA has closed $3.7 million in a planned $7 million Series A funding round led by Horizon Healthcare Services (Horizon), with participation from Med-Metrix.
The company makes the first big data platform designed by practicing oncologists to deliver real-time clinical outcomes data and cost analysis for cancer care in support of healthcare’s new value-based reimbursement model. The new funds will be used to expand development of the COTA platform, hire biostatisticians, outcome analysts, data support as well as sales and marketing personnel to help launch the company’s first commercial product.
COTA is looking to make data more actionable when patient specific information is thoroughly categorized and sorted upfront and then analyzed for clinical and cost outcomes. For example, breast cancer has many subtypes. Obtaining certain molecular (genetic) information before therapy starts allows for value based care by avoiding chemotherapy in some patients whose genetic signature predicts no benefit to chemotherapy for that specific patient.
Built with the contributions of over 100 practicing oncologists as well as national leaders in cancer biostatistics and healthcare reimbursement, COTA enables physicians to group patient characteristics with much greater specificity so the appropriate care can be delivered to each and every patient. This in turn enables physicians to make better decisions, prescribe more efficient treatments and target therapies for more personalized, value-driven care.
COTA’s platform was built with contributions of over 100 practicing oncologists as well as national leaders in cancer biostatistics and healthcare reimbursement.“The support of our investors will allow COTA to provide doctors with access to real-time clinical and financial data, helping oncologists improve patient care while appropriately managing costs,” said Andrew Pecora, MD, Executive Chairman and Founder of COTA.
As part of COTA’s latest capital infusion, Dr. Glenn D. Pomerantz, JD, Vice President and Chief Medical Officer of Horizon; Joseph Davi, CEO of Med-Metrix; and Dr. William T. DeRosa of the Regional Cancer Care Associates (RCCA) were named to the company’s board of directors. A second appointee from Horizon who will be named at a later date will also join COTA’s board. Current board members include Dr. Pecora, Dr. John Crowley, John Hervey, Dr. Stuart Goldberg, Dr. Andre Goy, Dr. Ed Licitra and Dr. David Siegel.
Previously, COTA received a seed round of funding from private sources and RCCA, one of the largest oncology groups in the country with over 100 oncologists.