Healthcare start-up Healx clinches £1.5m
Company will expand its tech platform as it aims to capitalise on drug “repurposing” market – estimated to be worth $31bn by 2020
Healx, a healthcare company developing drugs to fight rare diseases, has secured £1.15m in Series A funding from Amadeus Capital Partners and healthcare entrepreneur Jonathon Milner.
Based in Cambridge, drug “repurposing” start-up Healx uses data analytics and machine learning to find existing drugs that could combat rare diseases affecting an estimated 350 million people around the world.
As well as working closely with patient advocacy groups, the company’s technology platform allows it to match potential treatments to different conditions and patients.
Healx has won contracts from a number of major medical foundations in the US and Europe to find drug candidates with conditions including Barth syndrome and Fragile-X.
The investment will accelerate the company’s development as it aims to capitalise on the growing drug repurposing sector, which is predicted to hit more than $31bn by 2020.
Tim Guilliams, chief executive of Healx, commented: “Studies into rare medical conditions have long failed to receive adequate funding. By repurposing existing drugs to combat rare diseases, Healx is able to find potential treatments at a fraction of the cost and in a much shorter timeframe than developing a new drug.
“With this investment, Healx will have the resources to expand our technology platform and accelerate our drug review process to find treatments to many more devastating illnesses.”
Hermann Hauser, partner and co-founder of Amadeus Capital Partners, said: “Healx has taken advances in machine learning, data mining and analytics and combined them with deep pharma and life sciences expertise to address a growing need in the healthcare sector.”