Mitra Biotech Raises Venture Capital Funding from Tata Capital Innovations Fund

 Bangalore, Karnataka, India, Thursday, October 24, 2013: Tata Capital Innovations Fund, a domestic venture capital fund managed by Tata Capital has invested in Mitra Biotech Private Ltd (Mitra), to help the company scale up its go to market strategy and to expand in India & globally. The investment would help Mitra become a partner of choice for leading healthcare providers, pharmaceutical & biotech companies by strengthening its business development, marketing and R&D teams.

Mitra, a company headquartered in Bangalore (India), is a translational biology company focused on offering personalized cancer care to patients through its proprietary patient segregation model Oncoprint

 This technology determines the optimal drug or drug combination for a patient under investigation, thereby reducing overall treatment cycle and avoiding toxicity that arises from non-optimal drugs. The assays are carried out on patients’ own tumors by recreating human-tumor microenvironment on plates to ensure high specificity. Another application of Oncoprint

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is in enabling rational drug discovery to help global pharmaceutical and biotech companies to navigate from late discovery to pre-clinical and clinical stages of drug development.

“Cancer is no more a disease of old age. With changes in lifestyle, the number of cases of cancer being reported by various sections of population has been on the increase. It is an opportune time to create awareness about personalized cancer treatment and its affordability”, said Mohan Harshey, Partner – Private Equity, Tata Capital. “Funding from Tata Capital Innovations Fund is a testimony of tremendous market opportunity for us, our unique market position and the successes we have been having in this market. We are honored to welcome Mr. Mohan Harshey and Mr. Vineet Chadha to our board”, Mallikarjun Sundaram, CEO and Co-founder of Mitra Biotech said. “Mitra has received significant market traction attributed to our focus on technology enabled personalized cancer care. Bolstered by the funding, we continue to expand our existing teams, our product portfolio and begin to build a strong presence in India and outside.” Pradip Majumder, CSO and Co-founder of Mitra Biotech said.

Mitra has partnered leading cancer hospitals like Tata Memorial Hospital, Mazumdar Shaw Cancer Center, Kidwai Memorial Center, Stanley Medical Center and HCG Cancer Network centers in bringing affordable cancer care to India. Mitra is expected to gain market traction rapidly over the next two years.(Business Wire India)