Medical diagnosis company GeneSort, which specializes in personalized medicine in cancer and hereditary diseases, announced today (Tuesday) that it has been acquired by AID Partners for $23 million. The acquisition will provide the Israeli company with resources and additional support in order to expand into Southeast Asia and other global markets. The largest investor in the company is Moshe Hogeg’s Singulariteam investment fund, which invested $2.2 million in the company.
GeneSort specializes in genetic analysis of deep tissue and enables recognizing specific genetic mutations related to certain types of cancer. Oncologists can use the results of GeneSort’s diagnosis to customize treatments according to the specific genetic mutations of the patient.
GeneSort was founded with the aim of better understanding genetic DNA profiles of various patients and to help doctors select safe and efficient treatments according to the patient’s genetic profile. Some of you know that changes in the DNA sequence of certain genes can sometimes lead to changes in the normal functioning of the proteins generated by these sequences, which may eventually lead to cancer. The company uses sequencing technology that enables parallel sequencing of millions of DNA bases, and uses several tests (panels) that look for genomic changes in the patient’s tumor as well as changes of genetic background. The same panels contain specific detectors for genes that are clinically significant for treating and preventing the development of the cancer, and each panel tests the gene sequence and recognizes changes. Diagnosing each patient’s genetic profile, which is done via a biopsy and a saliva sample, allows the doctor to better plan the treatment of his/her patients.
Dr. Gil Pogozelich, Chairman and CEO of the company, says: “We are very excited by the acquisition and by the opportunities it creates for our company and for the technology we’ve developed. The acquisition provides us with opportunities to help more patients around the world. This is an important milestone for us, and also a validation of the strategy we are using. Our technology has the potential to help millions of people around the world, and we expect that the next efforts will create great value in the fight against cancer.”
Moshe Hogeg, Chairman of the Singulariteam investment fund which led the investment in GeneSort, spoke about the acquisition: “The technology GeneSort has created is different from those of other companies in the field. This technology not only has the potential to improve people’s lives, but also to save them. We are very proud that we supported GeneSort in the company’s early stages and we are looking forward to further development after the acquisition.” Hogeg also said, “I am pleased that Chinese investments in Israeli companies are bearing fruit.”