Octave Bioscience Announces $35M Series C Financing to Accelerate Commercial Momentum

Original from: business wire

Octave Bioscience, Inc., a commercial stage precision care company that is pioneering a new standard for managing multiple sclerosis (MS) and other neurodegenerative diseases, today announces the close of its $35.6 million Series C equity financing and that it has entered into a $15.5 million non-dilutive term loan agreement with Silicon Valley Bank (SVB) a Division of First Citizens Bank.

The financing comes amidst strong commercial momentum for its flagship product, the Octave MSDA test, with the company achieving broad physician adoption and payer reimbursement with over 325 prescribers, more than 19,000 patient tests delivered to date, and in-network reimbursement with over 75 million contracted lives at favorable rates. Proceeds of the financing will support continued commercialization of Octave’s MSDA test, a first-of-its-kind test for MS disease activity, as well as advancement of the company’s pipeline in Parkinson’s disease.

The equity round included participation from new strategic investors as well as participation by existing investors including Byers Capital, Blue Venture Fund, Northpond Ventures, S32, Casdin Capital, Merck Global Health Innovation Fund, Novartis, Valhalla Foundation, Intermountain Ventures and Hikma Ventures.

“Octave Bioscience’s precision medicine testing platform is driving personalized insights for neurodegenerative diseases and changing how they are managed. The company’s multi-analyte blood-based tests provide quantitative and clinically actionable insights, enabling physicians to make more confident, impactful treatment decisions that can lead to improved patient outcomes,” said Brook Byers, Byers Capital.

“This Series C funding empowers us to establish the Octave MSDA Test as the new standard of care in multiple sclerosis,“ said Doug Biehn, Chief Executive Officer of Octave. “Beyond MS, these resources significantly advance Octave’s mission to become the leading precision neurology platform in the world, ultimately impacting the lives of individuals with neurodegenerative diseases like Parkinson's and Alzheimer's.”

Source: Octave Bioscience Announces $35M Series C Financing to Accelerate Commercial Momentum