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BY THE NUMBERS

Mitra Biotech

Hunt for mutations and moolah

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Even though cancer for every patient is unique, the disease is largely treated with one-size-fits-all drugs. Result: poor response to drugs and horrible side-effects, which are often worse than the disease. In this prevalent practice, Mitra Biotech landed with a proprietary algorithmic platform, CANScript, which personalises cancer care. It’s a product that took nearly six years to make the first version. Its second-generation technology profiles each tumor – that is, identify mutations – and ranks drugs, or their combinations, according to the best possible outcomes. 

Mitra Biotech

Mitra Biotech Pvt Ltd

Name as per MCA records

Mallikarjun Sundaram

CEO

Bengaluru

Headquarters

Investors

KITVEN (Karnataka Information Technology Venture Capital Fund)

Tata Capital Innovations Fund

Accel Partners

Sequoia Capital

Competitors

Strand Life Sciences

Medgenome

What has Mitra been up to, the last year?

After launching its cancer diagnostics services in India two years ago, Mitra has been preparing to take them overseas, especially to the US where it was founded in 2008. It’s apparent that the Indian market is not big or ready enough for its premium services. Poor penetration of insurance keeps this highly effective but relatively expensive service out of reach for many patients.

Mitra raised $27.4 million in August for its expansion in international markets where the technology can also be used for new cancer drug development, a prospect that hardly exists in India. Most Indian pharma companies make generic drugs.

The Results

2.6X: Is how its export sales grew, double the rate of overall revenue growth. Developed markets are where the rapid growth lies.

2.7X: Is how its investment in its 100%-owned US subsidiary Mitra Biotech Inc. grew. The focus is back to Boston where it had started and where the two founders spend more time these days.

68%: That’s how much the two key co-founders, Mallikarjun Sundaram and Pradip Majumder, owned in this science-driven company. 

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