Octave Bioscience announces completion of $32M Series B financing

Octave Bioscience, the leading developer of sophisticated care management platform for MS (multiple sclerosis) as well as other neurodegenerative diseases, has reportedly announced the completion of a $32M Series B financing round. The investment round was led by Northpond Ventures, with active participation from Casdin Capital and Deerfield Management.

The financing would allow the firm to complete development of its new measurement as well as management products & services, expand clinical data, start early commercial activities and begin to serve MS patients, neurologists, and health plans.

William A. Hagstrom, CEO and Founder, Octave Bioscience, stated that the company welcomes Casdin, Deerfield, and Northpond and is pleased to have them join in the company’s existing investors with a shared goal of enhancing patient lives as well as potential outcomes.

The first-in-class care management platform of Octave Bioscience includes tracing blood-related biomarkers, monitoring of patients using sensors and tools, greater MRI insights, as well as a nurse led care program. The new measurement tools cater for care pathway models along with analytical support systems specifically designed to lower costs, enhance the decisions of patient management, and to generate much better results.

Founder and CEO, Northpond Ventures, Michael Rubin, MD, PhD, stated that the firm is thrilled to lead the investment since it believes that the solution of Octave would change the way neurodegenerative diseases would be well-managed by offering prolonged insights into the specific disease stage, progression, and severity of patient. Meanwhile, also examining care protocols and evidence-related insights to enhance patient results and overall quality of life.

Deerfield Partner, Julian Harris, MD. stated that the main factor to enhanced performance is to effectively lower down the multiple sclerosis disease activity, relatively slow progression, prevent relapses and to optimize the utilization of drugs.

Chairman and founding investor, Octave Bioscience, Brook Byers stated that launch of a new, next-gen objective management and measurement system that would aid physicians and patients in understanding disease trajectory as well as assisting to guide better therapy decisions is the main key to actually personalizing care management for patients who are looking for better answers.

By Shreya Bhute

With corporate exposure in software and marketing, Shreya was always intrigued by content development. Having pursued her graduation in I.T. engineering, she works as a content writer for people.partilepep.com and jots down news articles across distinct domains including technology, business and healthcare.