PALO ALTO, Calif., Nov. 10, 2020 /PRNewswire/ -- Varian (NYSE: VAR) today announced a new $10M investment and collaboration agreement with COTA, Inc., a Boston-based curator of clinical data in oncology. Both companies will work together to empower cancer clinics with data analytics and decision support tools, using real-world evidence to help guide clinical and operational decisions as well as drive more cost-effective care.
Under the agreement, Varian will offer its customers access to COTA's oncology real-world analytics and data curation services, which aggregate fragmented and often incomplete electronic health record (EHR) data to tease out meaningful insights. At the same time, COTA will help Varian create better Intelligent Cancer Care™ tools for decision support using real world evidence.
Varian, through its Intelligent Cancer Care initiative, is working to create a technology ecosystem that connects clinicians and patients into a global continuously learning system that is fueled by information, driven by collaboration and accelerated by artificial intelligence (AI) to improve outcomes.
"This agreement with COTA represents a huge win for our two companies, and also for oncology care providers and researchers," said Corey Zankowski, Senior Vice President, Oncology Software Solutions. "We believe COTA's proprietary technology, advanced analytics, and deep expertise in organizing complex data will make a significant step toward realizing the goals of Intelligent Cancer Care," Zankowski said.
"We are excited to partner with Varian to advance our shared goal of improving outcomes for cancer patients," said Mike Doyle, CEO of COTA. "This collaboration allows Varian to leverage our expertise using oncology real-world data while providing COTA with new capital to expand our work with life science companies around the globe."
Varian made two prior investments in COTA earlier this year. This latest investment brings the total amount invested to $20M, in the form of a convertible loan with an option to acquire the company at a future date.
At Varian, we envision a world without fear of cancer. For more than 70 years, we have developed, built and delivered innovative cancer care technologies and solutions for our clinical partners around the globe to help them treat millions of patients each year. With an Intelligent Cancer Care approach, we are harnessing advanced technologies like artificial intelligence, machine learning and data analytics to enhance cancer treatment and expand access to care. Our 10,000 employees across 70 locations keep the patient and our clinical partners at the center of our thinking as we power new victories in cancer care. Because, for cancer patients everywhere, their fight is our fight. For more information, visit http://www.varian.com and follow @VarianMedSys on Twitter.
About COTA, Inc.
Founded by doctors, engineers and data scientists, COTA is committed to bringing a patient first approach to cancer care through the use of real-world data. The Company organizes fragmented, often hidden data from the real world to provide clarity in cancer care. Combining clinical expertise in cancer with proprietary technology and advanced analytics, COTA's platform helps inform decisions and action in oncology. COTA partners with providers, payers, and life science companies to ensure that everyone touched by cancer has a clear path to the right care. To learn more about COTA and how to make better decisions with the right data, visit cotahealthcare.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. The statements are based upon management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Statements regarding industry outlook; the expectations, plans and prospects for the companies, including potential clinical applications and results, anticipated regulatory submissions and approvals and future product launches; projected financial results; and any statements using the terms "will," "may," "promise," "potential," "objective," "improve," or similar terms are forward-looking statements that are based upon current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties include market conditions the companies' ability to meet Food and Drug Administration (FDA) and other regulatory requirements for product clearances or to comply with FDA and other regulatory regulations or procedures, changes in the regulatory environment, including with respect to FDA requirements, and other factors beyond the companies' control. For Varian, the risks and uncertainties include the other risks listed from time to time in its filings with the Securities and Exchange Commission, which by this reference are incorporated herein. Neither Varian nor COTA assumes an obligation to update or revise the forward-looking statements in this release because of new information, future events or otherwise.