ATLANTA, Nov. 5, 2018 /PRNewswire/ -- Oncology Analytics, a leading technology-enabled service company which provides health plans, providers and patients with an evidence-based, analytics focused approach to utilization management that is purpose-built for oncology, announced today the completion of an oversubscribed Series B funding round of $21 million. Oak HC/FT led the round and was joined by new investor McKesson Ventures along with returning investors Blue Cross Blue Shield Venture Partners and Sandbox Advantage Fund.
The Series B financing will enable Oncology Analytics to expand its oncology benefits management capabilities and accelerate strategic investments in data analytics, data science, and innovative digital health technologies.
The company also announced that leading healthcare investor Annie Lamont, managing partner, Oak HC/FT along with renowned bioethicist and oncologist Ezekiel J. "Zeke" Emanuel, M.D. Ph.D., Venture Partner, Oak HC/FT will join Oncology Analytics' Board of Directors.
"With no end in sight to the rising costs and complexity of cancer treatment options – the oncology benefits management industry is in desperate need of both innovation and disruption," said Annie Lamont, managing partner, Oak HC/FT. "Oncology Analytics has the strategy, leadership team and passion to improve the delivery of cancer care. This is a company that truly embodies what it means to put the patient 'first.' Oak HC/FT is proud to help support this mission."
"We are honored to partner with this dynamic group of healthcare investors with a proven track record of success," said Rick Dean, CEO of Oncology Analytics. "This strategically chosen team recognizes the need for a paradigm shift in the use of data, analytics and evidence-based medicine to dramatically impact patient access and options for cancer treatment."
Today's cancer treatments are varied, complicated and costly. By 2021, global cancer drug expenditures are expected to exceed $147 billion, driven primarily by availability and favorable reimbursement of new medicines. Oncology Analytics provides the critical missing link for health plans by being able to manage the total cost of cancer care – by providing access to current, evidence-based, disease-specific analytics on all cancer types and treatment options, backed by board-certified oncology physicians and pharmacists, to provide their members with the ability to achieve the best possible outcomes.
"Overutilization of health care is crippling the U.S. health system and too many cancer patients are not getting the optimal treatment for their disease," said Ezekiel J. "Zeke" Emanuel, M.D. Ph.D., Venture Partner, Oak HC/FT. "Improved outcomes are possible when treatment options are tailored to a patient's specific cancer genetic profile. Getting the best treatment to patients is at the heart of Oncology Analytics strategy and is deeply aligned to the future of cancer care."
Over the past twelve months, under Mr. Dean's leadership, Oncology Analytics has achieved tremendous growth in new customer acquisitions and innovation within its core oncology benefits management and data analytics solutions. Additionally, the company has added senior leaders to its management team, in the areas of analytics, technology, product management, sales, marketing, human resources and client services.
"We are thrilled with the growth of Oncology Analytics and the value it is delivering to health plans and their members," said Thomas Hawes, MD, Sandbox Industries, who represents Blue Cross Blue Shield Venture Partners on the Oncology Analytics Board of Directors. "Rick and his management team have our full support, and we are delighted to be part of this Series B fundraiser."
"We are extremely excited to partner with Oncology Analytics to help build and scale the company," said Dave Schulte, managing director, McKesson Ventures. "Oncology is a complex therapeutic area and likely to increase in complexity given the rise in combination therapies and new medicines. Oncology Analytics is well positioned to deliver providers with tools and information critical to stay abreast of the most appropriate and personalized treatment plans available."
About Oncology Analytics
Oncology Analytics, Inc. provides health plans, providers and patients with an evidence-based, technology-driven approach to utilization management, which is purpose-built for oncology. Used by physicians to support over 3.5 million health plan members in the US and Puerto Rico, the Oncology Analytics e-Prior Authorization platform is updated daily to accurately reflect more than 6,000 oncology treatment protocols for anti-cancer treatment across all cancer types and stages, including chemotherapy, radiation therapy, precision medicine, targeted therapy, and supportive care. The company's real-world evidence analytics is based on tens of thousands of annual chemotherapeutic cases. For more information, please visit www.oncologyanalytics.com.
About Oak HC/FT
Founded in 2014, Oak HC/FT (http://oakhcft.com) is the premier venture growth-equity fund investing in Healthcare Information & Services ("HC") and Financial Services Technology ("FT"). With $1.1 billion in assets under management, we are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is headquartered in Greenwich, CT, with offices in Boston and San Francisco. Follow Oak HC/FT on Twitter, LinkedIn, and Medium.
About McKesson Ventures
McKesson Ventures is the venture capital arm of McKesson Corporation specializing in early and growth stage companies. McKesson Ventures targets companies that both catalyze and benefit from the key changes taking place in the U.S. healthcare landscape. McKesson Corporation, currently ranked 6th on the FORTUNE 500, is a healthcare services and information technology company dedicated to making the business of healthcare run better. We work with payers, hospitals, physician offices, pharmacies, pharmaceutical companies, and others across the spectrum of care to build healthier organizations that help deliver better care to patients in every setting. Visit www.mckessonventures.com to learn more.
About BlueCross BlueShield Venture Partners
BlueCross BlueShield Venture Partners, L.P. is a corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The fund invests in promising emerging companies of strategic relevance to Blue Cross and Blue Shield Plans. Sandbox Industries is the exclusive provider of investment management services to BlueCross BlueShield Venture Partners. For more information, visit www.bcbsvp.com .
SOURCE Oncology Analytics, Inc.