The platform wants to reduce the time for creating new medical treatments
- The entire round of financing is € 350,000
- Vision: faster discovery of new oncological treatments
- Oncologists need 29 hours a day to keep up with discoveries
- Regional expansion starting 2022
Oncochain, a data collection and analysis platform for oncology research, aims to raise 200,000 euros through equity crowdfunding on SeedBlink, the largest platform dedicated to technology startups in Southeast Europe. The total value of the financing is 350,000 euros, the round being led by the Cleverage VC investment fund.
The listing was scheduled to take place on Tuesday October 13, at 10 AM.
Oncochain is a startup launched in Timișoara at the beginning of 2019 by the couple Mădălin Margan (32 years old) and Roxana Margan (32 years old), both being doctors specialized in obstetrics-gynecology. Data collected from daily clinical practice are provided to oncology health professionals, research institutes, and pharmaceutical companies in the form of statistical analyzes. The statistics are anonymous and aims to generate information that can guide research and increase the quality of medical services.
An idea that came during the residency
“The idea to launch such a platform appeared in 2017-2018, when we were in the last years of residency and we often encountered cases of women with oncological problems, especially with gynecological cancer. We realized that a lot of important data was lost because there was no functional mechanism for collecting and centralizing them. We thought to create a product that would gather and structure this information to help doctors, research organizations, and especially patients. The funding we target on SeedBlink will help us expand our software and business development teams over the next 18 months so that we can reach our goals for 2021-2022”, says Mădălin Margan, co-founder and CEO of Oncochain.
The total round of financing is worth 350,000 euros, of which 200,000 euros are targeted through equity crowdfunding on SeedBlink, and 100,000 are invested by the digital health fund Cleverage Venture Capital. For completing this financing round there is also significant interest in investing from the business angels Growceanu and Transilvania Angels Network.
“With this new listing we return to the health-tech vertical and we are glad to do it with Oncochain, a company founded by two doctors who became entrepreneurs. We are going through a period in which we realize how important science, medicine and research are, and Oncochain’s mission to improve cancer treatments can have a very strong impact both business and social”, affirms Andrei Dudoiu, co-founder and CEO SeedBlink.
Since its launch, Oncochain has received investments of approximately € 80,000: the investment of the co-founders, European funds, grants from companies and a business angel.
“By investing in Oncochain, we continue the path we started with great confidence last year. Oncochain represents for us a bet in the fight against a relentless disease and it also represents the partnership with a team with vision and great commitment”, states Alexandru Popescu, managing partner of Cleverage VC.
200,000 cancer patients in Romania in 2018
In Romania, in 2018 there were approximately 200,000 cancer patients, most cases being lung, colorectum, breast, prostate and bladder cancer, according to data from the Global Cancer Observatory (GLOBOCAN). On the other hand, in 2018, approximately 83,500 new cases of cancer and 51,000 deaths were registered in Romania, according to the same source.
Oncochain works with six oncology clinics and a county hospital to collect data. Also among the first customers are two pharmaceutical companies with a portfolio of oncology molecules. Oncochain is collaborating with them on pilot projects for two types of cancer.
Vision: patients to have access to treatments that appear faster and better and cheaper
“The doctors we work with, especially those who are very interested in the research part, told us that they are extremely excited that they finally have a product to help them collect clinical data correctly and efficiently. Our goal is to create a framework for a quality multicenter research that can help all those involved in the patient management. There are certain data that can be useful in six months, others in two or three years, depending on the parameters and what is the purpose of the research. If we succeed in reducing the time to market of a new molecule from ten to eight years, it is enormous. Thus, patients will have faster access to treatments and, practically, lives are saved. This is the vision: that people have better treatments, in a shorter time and with lower costs”, says Roxana Margan, co-founder and chief operating officer of Oncochain.
For next year, the co-founders want to work with 25 cancer clinics, to have 25,000 medical records for research on the platform and to collaborate with six pharmaceutical companies as paying customers. Also, the two entrepreneurs estimate that at the end of 2021 they will reach revenues of 30,000 euros every month. The amount is to come from subscriptions sold to pharmaceutical companies and hospitals.
From 2022, the management aims to expand into Eastern Europe (Bulgaria, Moldova, Serbia, Ukraine, Poland) and other countries where investments in the medical field and the oncology medication will increase at an accelerated pace until 2025 (Turkey, Egypt, South Africa). South, Indonesia, Thailand, Mexico).