Brisbane healthtech startup DoseMe receives $2.6 million in Series A funding to commercialise drug dosage tool
Brisbane healthtech startup DoseMe has received $2.6 million in a Series A funding round from Greg Spurgin and Gary Cunningham, founders of US company Results Physiotherapy. The investment, which comes after $500,000 in seed funding from Steve Baxter in 2014, will help DoseMe commercialise into the Australian market and also expand into the US. As part of the funding, Spurgin will be joining Baxter, CEO Charles Cornish, and founder Robert McLeay on the startup’s board.
DoseMe has created a software platform that uses patient data and laboratory results to estimate a person’s metabolism to accurately provide the best possible level of drug dosage. Using a precision dosing tool built on a complex mathematical algorithm, the startup is able to estimate a person’s ability to absorb, process and clear a drug from their system.
To achieve a high level of precision, DoseMe builds a virtual model of each person by using thousands of data points from published population models. This enables the virtual model to be built in less than a second to help clinicians more accurately calculate the best outcome for the patient. In addition, DoseMe can virtually simulate the potential outcome of alternative dosing regimens to support clinicians in making the best decision for even the most challenging cases.
The healthtech solution has proved to be the most accurate dosing method to be tested in Australia. Several dosing methods have been tested using patient data from children with cystic fibrosis at the Royal Children’s Hospital in Brisbane.
Patient benefits of DoseMe include the increase of childhood leukaemia survival by 10 percent, the halving of chemotherapy side effects, increase in patients in therapeutic range from 35 percent to 90 percent and overall reduction in mortality rates by 50 percent.
While patient benefits speak for themselves and are a clear focus for the startup team, the cost savings are also impressive. DoseMe looks to save more than US$2,500 per patient and reduce hospital stay length by up to 16 days.
DoseMe joins a range of Australia healthtech startups who also look to relieve hospital beds and take the pressure off the healthcare system. Startups like CancerAid aim to improve patient care and is also in the process of closing a $1.25 million raise. Other startups like HealthKit, Coviu and CliniCloud are also providing improved patient care processes, moving care out of hospitals and into homes.
On DoseMe’s recent investment Baxter said the startup team has demonstrated what can be achieved with a global problem-solving solution and solid commercial nous.
“There is a clear gap in the market for what DoseMe has to offer and I’m excited to be working together to advance the company’s mission to improve patient outcomes and save lives,” he said.
“We’ve been overwhelmed by the wide interest received in DoseMe’s Series A funding round, especially from several Asian-based venture funds,” Cornish said.
“After careful evaluation, the board’s preference was to go with Spurgin and Cunningham, two Brisbane-based investors who have successfully taken Australian health-related businesses to the US.”
The funding will also help expand the number of drug molecules on the platform. This will include regulatory costs for each molecule in Australia and Europe where DoseMe has medical clearance and also in the US where DoseMe’s submission is being assessed.
DoseMe has become the first virtual precision dosing tool to be listed on the Australian Register of Therapeutic Goods to support clinicians enhancing patient outcomes through precision dosing. DoseMe is responsible for supporting several classes of drugs with a narrow therapeutic index, including chemotherapeutic agents, immunosuppressants, antibiotics, anti-coagulants and Factor VIII.
Image: Robert McLeay, Steve Baxter, Charles Cornish and Greg Spurgin. Source: Supplied.