Filipino-founded biotech company invests over 500 million pesos in PH – Manila Bulletin
InterVenn Biosciences, a Filipino clinical technology (biotechnology) company based in Silicon Valley, plans to bring more than half a billion pesos of investment to the Philippines by the end of the year and more opportunities job for Filipino software developers.
Axel Kornerup, Managing Director of InterVenn Philippines, revealed this during a hybrid press conference on Friday, July 22 for the launch of its state-of-the-art office in central Ortigas as the biotech company consolidates its grip in the region. of Southeast Asia.
“We are very happy because we are bringing resources to the Philippines. We project that by the end of 2022, InterVenn would have contributed over half a billion pesos to the Philippine economy,” Kornerup said.
The amount would correspond to the company’s capital expenditures in the Philippines, the majority of which would be spent on operating its largest network operations center. A portion of the amount would be used for rent, payroll and other operating costs.
InterVenn is pioneering a new AI-powered platform to decode and unlock the potential of the glycoproteome at a clinically meaningful scale for the development of transformational healthcare solutions for the first time in history.
To optimize this entirely new dimension of biology, the company has developed a platform capable of producing a robust pipeline of powerful clinical applications, ranging from early detection of diseases to diagnosis and potentially to therapeutics. InterVenn will help make the new era of personalized, predictive and preventative care a reality. The glycoproteome is a source of vital information about human biology that has the potential to dramatically improve patient outcomes, but has remained inaccessible due to its high complexity.
Also, Kornerup provides jobs for Filipino software developers.
To date, InterVenn has approximately 150 Filipino employees in the Philippines, the majority of whom are software developers. Hiring, however, has been halted due to the current market situation, but it continues to actively source local talent as it plans to start hiring again towards the last quarter of this year.
Kornerup noted that its Podium office can accommodate 400 people, but currently only accommodates 250 workers.
“Our CFO (COO) is doing his job and being very cautious due to the current market situation, but we still plan to grow in the future,” he added, noting that they are preparing for their expansion in the region.
While the company is headquartered in the San Francisco Bay Area, California, the team that maintains the AI technology is made up of mostly Filipinos residing in the Philippines, including its co-founder and CEO, Aldo Carrascoso.
“Our research is a major step towards truly universal health care. We are proud to achieve these phenomenal developments in the Philippines, and look forward to working with more local stakeholders in the future,” said Carrascoso.
InterVenn has made significant progress in the early detection of cancer thanks to the brilliant and dedicated Filipino engineers we have on board. They help build and maintain the front-end, back-end and cloud infrastructure of our next-generation liquid biopsy, as we all work together to achieve a world where no one should ever be blinded by disease,” Carrascoso said of its GLORI™ and DAWN™ products.
Using a proprietary platform powered by artificial intelligence (AI) and mass spectrometry, InterVenn’s products have the potential to significantly advance the diagnosis and treatment of cancer and other related fields. InterVenn has developed the world’s first technology platform to interrogate and decode the glycoproteome, which will help accelerate the shift from the health industry’s traditional focus on disease management to the new field of preventive care and management. of health.
Kornerup said InterVenn worked with local oncologists to run the VOCAL (InterVenn Ovarian Cancer Liquid Biopsy) testing program using 100% Filipino software.
“We started this company with the aim of not only having the means to find a cure and early detection of cancer, but also to show everyone that we Filipinos can achieve this on a global scale” , said Kornerup.
InterVenn, which was also co-founded by world-renowned scientist and Stanford professor Dr. Carolyn Bertozzi, UC Davis professor Dr. Carlito LeBrilla, and AI/ML and blockchain expert Carrascoso, has recently raised 10 billion pesos in Series C investments in the last year.
The company, armed with its new facilities and cadre of researchers, has been aggressive in its drive to support the development and commercialization of DAWN™, which it unveiled last month at the industry’s largest conference. of Health on ASCO 2022 oncology. Its application to other typical tumors is continually under study.
DAWN™, a blood test to help doctors appropriately match cancer patients with the best possible immuno-oncology therapy, which they unveiled last month at the healthcare industry’s largest conference for ASCO Oncology 2022. Its application to other types of tumors is continuously studied.
GLORI™ is the first laboratory-developed liquid biopsy glycoproteomic test (LDT) for the diagnosis of ovarian cancer that has been validated using retrospective patient samples and prospectively collected samples in the setting from InterVenn’s VOCAL clinical trial.
The VOCAL (InterVenn Ovarian Cancer Liquid Biopsy) testing program is conducted in partnership with local oncologists. It validates blood tests to help doctors accurately diagnose masses in the lower abdomen are cancerous or not.
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