Seer Announces Spin Out of PrognomIQ with $55 Million Initial Financing
Seer, Inc., a life sciences company focused on enabling exceptional scientific outcomes through the power of unbiased, deep, rapid, and scalable proteomics information, announced that it has spun out and completed the initial financing of $55M for a newly formed healthcare company, PrognomIQ, Inc. The round was led by healthtech and life sciences venture capital fund aMoon with participation from other existing Seer stockholders, including Fidelity Management and Research Company LLC, funds and accounts advised by T. Rowe Price Associates, Inc., Invus, Maverick Ventures, Emerson Collective, Wing VC and other new investors, including Bruker Corporation. Seer will retain a minority ownership position of approximately 19% in PrognomIQ, and Philip Ma, Ph.D., Founder and former Chief Business Officer of Seer, is the newly appointed Chief Executive Officer of PrognomIQ.
Seer’s Proteograph uniquely captures the complexity of the proteome by enabling unbiased proteomic analysis at the depth, breadth, and scale needed to gather rich information at the amino acid and peptide level. PrognomIQ plans to develop and commercialize tests that leverage the Proteograph’s data, to fill in a critical piece of functional context missing from other molecular analytical approaches. PrognomIQ envisions combining this unique protein data from the Proteograph, with genomics and other omics data, to create a differentiated multi-omics approach to testing of health and disease. This could include matching disease-associated genetic variation with protein variants that put this genetic variation in functional context. Seer has already demonstrated the potential utility of its Proteograph in early disease detection through the proof-of-concept data on non-small cell lung cancer, which was included in a recent publication in Nature Communications.
“We believe that our Proteograph will enable novel insights and methods that will lead to ecosystems of new end markets and companies that do not exist today,” said Omid Farokhzad, M.D., Chair, Chief Executive Officer and Founder of Seer. “At Seer, we are focused on developing and commercializing research products for use by our customers in different applications. We look forward to supporting PrognomIQ and other companies with the valuable information that our products will provide, as they develop products that positively impact human health.”
“The understanding of biology has advanced tremendously through large-scale genomic data collection capabilities. Yet, despite these advancements, researchers and clinicians do not have the functional context at the protein level for the bulk of this genomic information, significantly limiting its utility,” stated Dr. Ma. “Seer’s Proteograph will give PrognomIQ the ability to characterize this proteomic information, at scale, which we believe will be critical for the development of valuable tests in the future. We are grateful for the support from Seer and our outstanding group of investors as we embark on this journey to enable early detection, treatment, and recurrence monitoring of cancer and other complex diseases.”
“Early detection, recurrence and treatment monitoring of disease presents a significant market opportunity, that we have been following with interest for some time,” said Tomer Berkovitz, Ph.D., Partner & CFO at aMoon who will be joining PrognomIQ’s Board of Directors. “We are excited about the opportunity to leverage Seer’s Proteograph product in enabling the use of large-scale unbiased proteomics in an integrated multi-omics approach to tests of health and disease.”