WALTHAM, Mass., Feb 15, 2012 (GlobeNewswire via COMTEX) -- On-Q-ity, a life sciences company focused on novel circulating tumor cell (CTC) capture and characterization for clinical researchers and physicians that will enhance decision-making across multiple cancer types, today announced it has secured $5 million in financing from its initial investors Mohr Davidow Ventures, Atlas Ventures, and Physic Ventures. In addition, the Board of Directors has appointed Michael T. Stocum, MS, as President and Chief Executive Officer of On-Q-ity to lead the company in research and development, clinical collaborations and business opportunities. Walt P. Carney, Ph.D., Chief Scientific Officer, will become Scientific Advisor.
"We are pleased to welcome Michael Stocum on board. His expertise in the development and commercialization of personalized medicine, biomarkers and diagnostics can lead the charge in bringing On-Q-ity to its commercial phase," stated Sue Siegel, General Partner, Mohr Davidow and Chair of On-Q-ity's Board of Directors. "On-Q-ity is on a strong trajectory with promising data and solid intellectual property, and we are excited that the platform is ready to engage in partner studies."
"I am pleased to be working with such a stellar team here at On-Q-ity, who, in short time, has made immense strides in developing our CTC technology into a leading dual-capture and characterization platform," stated Stocum. "Our goal remains to work with our collaborators to actively engage in clinical studies to improve drug development and generate novel CTC applications. We believe that tests based on our CTC platform will provide actionable information for physicians to better manage their patients' disease."
Michael Stocum is President and Founder of Personalized Medicine Partners, a firm that provides strategic and operational partnering support to biopharmaceutical and diagnostic product companies as well as contract research and laboratory service providers. Previously, he was with GlaxoSmithKline R&D, where he led alliances with various biomarker companies and directed the biomarker business strategy for several of GSK's oncology agents. At Organon Teknika, Stocum led partnering efforts with biopharmaceutical companies to develop novel diagnostic assays coupled with therapeutics in the HIV and hepatitis space. Stocum began his career in the industry as a scientist at Organon, now Schering Plough. He currently chairs the American Association for Clinical Chemistry's Personalized Medicine Advisory Group and is an active member of the Personalized Medicine Coalition.
On-Q-ity is a life sciences company focused on novel circulating tumor cell (CTC) capture and characterization. We are developing products and services for clinical researchers and physicians that will enhance decision-making across multiple cancer types. On-Q-ity envisions a time when cancer is transformed from a fatal to chronic disease via CTC technology, further enabling the promise of personalized medicine. Our goals are to increase the success of oncology drug development, improve patient treatment outcomes and increase survival rates. Headquartered in Waltham, MA, On-Q-ity is currently funded by Atlas Venture, Mohr Davidow and Physic Ventures. For more information visit our website: www.On-Q-ity.com
This news release was distributed by GlobeNewswire, www.globenewswire.com
CONTACT: Media Contact: