What You Should Know:
– Proscia secures $23M in Series B
funding led by Scale Venture Partners for its AI-enabled digital pathology
– Proscia will use the funding to expand its AI application portfolio, boost commercial expansion, and advance its regulatory strategy to secure FDA approval.
Proscia, a Philadelphia-based provider of digital and
computational pathology solutions, today announced it has secured $23M in
Series B funding led by Scale
Venture Partners, with participation from Hitachi Ventures, the strategic
corporate venture capital arm of Hitachi,
Ltd., bringing its funding total to $35 million.
Importance of Pathology
Pathology is at the center of cancer
diagnosis and guides a patient’s entire cancer journey, yet pathologists and
their ability to diagnose cancer are largely dependent on the microscope that
has been in place for 150 years. The limitations of the microscope and the
subjectivity involved in assessing tumors contribute to diagnostic error,
resulting in negative patient outcomes and economic burden to the healthcare
Creating tools to find data — and fight
Founded in 2014 by a team of clinicians at Johns Hopkins and
the University of Pittsburgh, Proscia is a software company that is changing
the way the world practices pathology to transform cancer research and diagnosis.
With its Concentriq®
software platform, Proscia is accelerating the transformation to digital
pathology, which centers around high-resolution images of tissue biopsies, as
the new standard of care. Concentriq combines enterprise scalability with
powerful AI applications to help laboratories, health systems, and life
sciences companies unlock new insights, accelerate breakthroughs, and improve
Since closing its Series A round in 2018, Proscia has
amassed a customer base of laboratory titans and digital pathology pioneers as
well as 10 of the top 20 pharmaceutical companies. This includes Johns Hopkins
School of Medicine and the Joint Pathology Center (JPC), the premiere pathology
reference center for the U.S. government. JPC selected
Concentriq to drive a complete modernization of its pathology practice and
digitize the world’s largest human tissue repository of over 55 million slides,
unleashing a transformative wave of biomedical research. Proscia also recently
established a Computational
Pathology Center of Excellence with University Medical Center (UMC)
Utrecht, one of the first organizations in the world to implement digital
pathology. As part of this collaboration, UMC Utrecht will deploy Proscia’s AI
applications into its high-throughput workflows leveraging Concentriq.
COVID-19 Drives Growing Adoption of Digital Pathology
Proscia’s commercial traction comes amid a surge in digital
pathology adoption. Laboratories have increasingly shifted to digital to
overcome the manual and subjective nature of the traditional standard of care
and keep pace with the rising cancer burden. In the U.S. alone, pathologists
have faced a 42% rise in diagnostic workload over the last decade, a challenge
that will continue to intensify as the total number of cancer cases is
projected to increase by 55% by 2030. Recently, laboratories have been implementing
digital pathology to maintain operations during the COVID-19 pandemic, as
digitization is the only means by which they can continue to serve patients.
The infusion of capital will enable Proscia to continue to
meet growing demand for digital pathology across research and diagnostics. The
company will use the funds to accelerate commercial expansion, ramping up its
global sales, marketing, and support teams. Proscia will also further drive
pathology’s data-driven future by expanding its data assets and AI application
portfolio, building off of the initial success of its DermAI™ application. The
investment will additionally advance Proscia’s regulatory strategy to secure
FDA clearance, drawing on the foundation that the company has established with
its CE Mark and MDSAP certification.
“We are excited for this next milestone in our journey,”
said David West, CEO of Proscia. “Over the past few years, we have battle
tested Concentriq at leading organizations and demonstrated the unprecedented
potential of AI. In welcoming Scale Venture Partners and Hitachi Ventures to
the Proscia team, we are better positioned than ever before to drive a
transformation that will impact millions of cancer patients and their
What You Should Know:
– The U.S. government’s Joint Pathology Center, which
houses the world’s largest human tissue repository, today announced that
Proscia, a leading digital and AI pathology company, will provide end-to-end
modernization of JPC’s pathology operations.
– The multi-phase project will digitize the world’s
largest human pathology specimen repository in order to enhance biomedical
research for cancer and infectious diseases like COVID-19, and enable easier
data sharing with researchers, diagnosticians, and educators to facilitate
– The digitization of JPC’s repository will also unlock
previously untapped medical data in order to accelerate the development of
AI-powered pathology applications for building personalized therapeutics.
Joint Pathology Center (JPC),
the premiere pathology reference center for the U.S. government, has selected Proscia’s Concentriq platform
for a complete transformation of its pathology practice. Proscia is a Philadelphia,
PA-based provider of digital and computational pathology solutions.
Modernize World’s Largest Human Tissue Repository
The Joint Pathology Center seeks to preserve, modernize, and
grow the nation’s oldest tissue repository to promote biomedical research. Over
the past century, it has collected approximately 55 million glass slides, 31
million paraffin-embedded tissue blocks, and over 500,000 wet tissue samples,
which have provided critical insight into our understanding of current and
future disease; data from the repository was used to sequence the 1918
influenza virus that killed more than 40 million people worldwide and can
similarly help us to combat COVID-19. The
rise of digital pathology, which captures high-resolution images of tissue
specimen, is enabling JPC to realize even more value from its data by making it
readily accessible to clinicians, pathologists, and healthcare data analysts.
Digital pathology also gives way to the introduction of computational pathology
applications leveraging artificial intelligence to unlock new insights that
drive drug discovery and routine diagnosis.
At the center of this modernization effort, JPC will
digitize its tissue archive, the world’s largest repository of human pathology
specimen, to capitalize on this invaluable source of medical data. The digital
repository will provide increased access to data for driving medical advances
related to infectious diseases and cancer as well as accelerate the development
of computational pathology applications establishing diagnosis, prognosis, and
personalized therapies for patients.
Proscia’s Concentriq Platform to Serve As Foundation for
Digital and Computational Pathology
As digitizing the world’s largest human tissue archive
depends on scalable software infrastructure, JPC has selected Proscia’s Concentriq digital and
computational pathology platform to provide this foundation. Concentriq is a
singular image and data management platform that unifies pathology operations
across the connected enterprise and accelerates workflows. With Concentriq, JPC
will provide its network of researchers with intuitive, secure access to its
data and streamline collaboration, enabling them to more easily analyze
thousands of diseases and find new ways to fight them. Additionally, JPC will
deploy Concentriq to digitize its routine pathology consultations and overcome
the delays that result from sharing physical specimen in an effort to improve
patient outcomes by providing accurate, timely pathology findings.
Why It Matters
Digitizing the repository also holds significant potential
for advancing the development of computational pathology applications spanning
diagnosis, prognosis, and personalized care. Training and validating even a
single application requires massive volumes of images to ensure that it can
account for the variability seen in practice, and JPC’s archive is unmatched in
its ability to provide this data for countless diseases and use cases. As JPC
delivers these applications, it can deploy them, along with other computational
solutions, into its research and clinical workflows leveraging Proscia’s
“JPC’s modernization effort marks a monumental leap forward for the field of pathology, and we’re excited to be a part of it,” said David West, CEO of Proscia. “Concentriq sits at the intersection of digital and computational pathology across research and clinical practice, providing JPC with the tools needed to finally realize the full promise of its data and transform routine diagnosis.”
Paige is a global digital pathology founded in 2017 by Thomas Fuchs, Dr. Sc., and colleagues from Memorial Sloan Kettering Cancer Center. The company involves computational pathology products that are targeted for patients and their care teams for effective, more informed treatment decisions. Paige has developed a platform to deliver novel technology to pathologists to transform their workflow and increase diagnostic confidence and productivity.
On Jul 21, 2020 Paige received the US FDA’s 510(k) clearance for its FullFocus Viewer to use in digital pathology. Also in 2019, Paige received the FDA’s Breakthrough Designation for its artificial intelligence technology to diagnose cancer and started its AI diagnosis with Prostate Cancer. Leo mentioned the utilization of Series B funding of $95M to “Grow, the additional funding will help us continue our work to bring our computational pathology solutions to the market that requires growing our team, building additional biopharma partnerships, building a body of evidence to support our offering, and continuing to deliver our platform to clinical use.”
“Prostate cancer is only the beginning of our work. We are also working on other cancers, including breast and bladder to name a few.”
Tuba: How has your journey been so far? Can you talk about the growth of PAIGE since 2017?
Leo: “The journey so far has been both relentless and rewarding. We have come such a long way in such a short amount of time. Paige was born out of Memorial Sloan Kettering – the top cancer care center in the world—and spun out to commercialize the tech for a more widespread global impact. In doing so, we received approval to use MSK’s pathology slides to generate novel information from them. Right now, we have over 1.5M slides and add about 100,000 new slides per month. We are proud to say we are the first digital pathology company to receive a breakthrough device designation from the FDA, giving us the approval to expedite the development. We also received a CE mark for our computational diagnostic device in prostate cancer. We put some significant building blocks in place to bring our technology to market, where it will have the most impact.”
Tuba: Can you please briefly tell me about your tools? How will these be helpful to society?
Leo: “Paige created a platform to give pathologists increased diagnostic confidence so they can arrive at accurate diagnoses for patients efficiently. It can also accelerate new biomarker discovery and generate new insights from the tissue. The applications are designed to relieve pathologists overburdened with the volume of cases, empower biopharma researchers searching for previously unidentified biomarkers, and help patients and care teams receive a quicker, accurate diagnosis that can help them better decide amongst their treatment options.”
Tuba: What does Paige plan to do with the new funding?
Leo: “Grow. The additional funding helps us continue our work to bring our computational pathology solutions to the market. That requires growing our team, building additional biopharma partnerships, building a body of evidence to support our offering, and continuing to deliver our platform to clinical use.”
Tuba: What is Paige planning to do to push pathology into the digital era?
Leo: “Paige is already pushing pathology into the next generation. We are taking a comprehensive approach to space. First, we are leveraging millions of images of tissue slides to give more information to pathologists within their diagnostic process and biopharma in their development endeavors. Second, to drive adoption, we are building our platform with an eye towards intuitive user experience and minimizing IT burden. Combined, our platform and our computational pathology offering stand to bring significant value to our customers.”
Tuba: What are some of the pain points you’ve had to overcome in doing so?
Leo: “I would not call them pain points, but as a new company in the space, we need to generate a body of evidence around our platform and our computational pathology solutions. We have partnered with top institutions around the world to do this and have recently published multiple papers at ASCO and in Modern Pathology, which have been very well received.”
Tuba: How does Paige’s technology work, and how does it benefit pathologists, Pharma, and cancer patients?
Leo: “We deliver advanced computational solutions for pathologists, oncologists, and the R&D community worldwide, while also working closely with biopharma companies to create custom biomarkers to improve patient care. All of this is possible because of three key assets that Paige and our founders and collaborators at Memorial Sloan Kettering have built over the past decade. The first two are how we build our computational products: platinum-grade data and our proprietary Machine Learning development pipeline.”
The foundation is our proprietary machine-learning techniques, which leverage the vast amounts of data and require no pixel-wise annotations to generate best-in-class performance. Then, once we have systems that understand cancer morphology, we can fine-tune them with far smaller datasets, like the data coming from clinical trials.
The third is the platform that I mentioned above. There is a big difference between building an algorithm and building a medical device that is easy to use and is valuable in-patient care. Our platform allows us to build products and workflows around our best-in-class computational pathology systems and deliver them globally to where they are needed most.
Tuba: As PAIGE received the FDA’s Breakthrough Designation in 2019 and started their AI diagnosis with Prostate Cancer, are you planning to expand the AI diagnosis in other indications also?
Leo: “Prostate cancer is only the beginning of our work. We are also working on other cancers, including breast and bladder to name a few.”
Tuba: What do you foresee your go-to-market strategy to be?
Leo: “Paige licenses diagnostic software to hospitals and clinical laboratories while providing custom services to the biopharma industry.”
“We work with the biopharma industry to build digital diagnostic solutions as well as tools that can be used in the many phases of drug development and clinical trials in which pathology plays a pivotal role. Revenue coming from these partnerships are bespoke, as each of these projects has different timelines and scope.”
On the clinical side, Paige offers state-of-the-art diagnostic software via software-as-a-service (SaaS) subscriptions. These subscriptions can be structured on a per-case or per-user bundle basis. The offering includes AI-powered digital diagnostics solutions, delivered via the Paige Platform (including the FDA cleared, CE-marked viewer).
Tuba: Do you have competition in this space? Who are they, and how does Paige’s product have the edge over them in your viewpoint?
Leo: “There are certainly other clinical and pharma focused competitors in digital pathology. Paige is uniquely positioned to bring computational pathology to scale across multiple cancers and biomarkers. Our diagnostic software is derived from millions of slides from one of the best cancer research hospitals in the world. This database is unparalleled. We also leverage a decade of research and development conducted at Memorial Sloan Kettering as well as an experienced leadership team with a proven track record in building and commercializing digital diagnostic technologies in other spaces.”
Tuba: When can we expect this to be available for commercial use?
Leo: “We are very committed to bringing our technology for commercial use so patients and their care teams can make faster, more informed treatment decisions. The first step has been getting our platform ready for prime time and cleared for primary diagnosis, which we have achieved in the US and Europe. Then, we got the first CE mark for a computational pathology product with Paige Prostate, which also earned FDA breakthrough designation and we are working on getting cleared in the US. Additional functionality and other cancer suites will follow shortly.”
- The FullFocus viewer allows pathologists to view and navigate images when used together with the Philips’ Ultra-Fast scanner. The AI firm is working to expand the 510(k) clearance to include the use of FullFocus with additional scanners and monitors in future
- In Nov’2019, FullFocus received the CE Mark, making it available to use in the EU. Paige has early access trials across the US, EU, and Brazil with healthcare organizations to serve patients and maintains a business continuity
- FullFocus operates within the Paige Platform and allows users, meaning researchers and pathologists to view any digital image, regardless of the scanning platform used to generate the image
Click here to read full press release/ article | Ref: Businesswire | Image: Paige
What You Should Know:
– Paige secures an additional $15M from Goldman Sachs for a total Series B funding round of $70M for its AI-native digital pathology ecosystem.
– The company’s continued product portfolio of innovation in telepathology and digital diagnostics accelerated by further investment.
Paige, an NYC-based leader in computational pathology transforming the diagnosis and treatment of cancer, today announced it received an additional $15M from Goldman Sachs Merchant Banking Division, totaling $20M from the firm. The funding will be added to previously announced Series B financing, bringing the total round to $70M, including an additional investment from Healthcare Venture Partners of $5M on top of their previous $10M investment. The funding brings the Company’s total capital raised to over $95M.
Transforming Diagnosis & Treatment of Cancer
Founded in 2017 by Thomas Fuchs, Dr.Sc., Paige’s mission is
to revolutionize the diagnosis and treatment of cancer by providing
pathologists, clinicians and researchers with insights drawn from decades of
data diagnosed by world experts in cancer care. Spun out of Memorial Sloan
Kettering, Paige builds powerful, clinical-grade computational technologies to
transform the diagnosis, treatment and biomarker discovery for cancer. With AI
positioned to open a new future of pathology, Paige has created an AI-native
digital pathology ecosystem that enables the Pathologist to achieve higher
quality, faster throughput, and lower cost diagnosis and treatment
recommendations. Additionally, Paige
accelerates new biomarker discovery and is built to generate new insights into
pathways and drug efficacy.
Paige will use this new capital to further accelerate its global leadership position in transforming pathology workflows in the field of cancer while working closely with biopharma companies to create custom diagnostic and clinical trial solutions to improve patient care.
“We appreciate the continued recognition and support we’ve received from Goldman Sachs as we gain traction and prove early results in the clinical and biopharma space,” said Leo Grady, Ph.D., CEO of Paige. “This new funding will help ensure that the Paige Platform and our advanced computational pathology products will drive the next generation of pathology and improve cancer care globally.”