COTA Closes $3.7M of Planned $7M Series A Funding Round to Transform Cancer Outcomes and Reimbursement
HACKENSACK, NJ – September 23, 2014 – COTA, Inc. today announced it has closed $3.7 million in a planned $7 million Series A funding round led by Horizon Healthcare Services, Inc. (Horizon), with participation from Med-Metrix. COTA is the first big data platform designed by practicing oncologists to deliver real-time clinical outcomes data and cost analysis for cancer care in support of healthcare’s new value-based reimbursement model. The new funds will be used to expand development of the COTA platform, hire biostatisticians, outcome analysts, data support as well as sales and marketing personnel to help launch the company’s first commercial product.
COTA’s mission is to enable optimal care for every cancer patient in the country by generating actionable, real-time data that will improve decision making for all partners in care. In this molecular age of oncology, data becomes much more actionable when patient specific information is thoroughly categorized and sorted upfront and then analyzed for clinical and cost outcomes. For example, breast cancer has many subtypes. Obtaining certain molecular (genetic) information before therapy starts allows for value based care by avoiding chemotherapy in some patients whose genetic signature predicts no benefit to chemotherapy for that specific patient. The example highlights a growing need for more precise measurement before therapy starts and tracking of clinical and cost outcome data.
Built with the contributions of over 100 practicing oncologists as well as national leaders in cancer biostatistics and healthcare reimbursement, COTA enables physicians to group patient characteristics with much greater specificity so the appropriate care can be delivered to each and every patient. In addition, industry stakeholders are now able to gain a new level of insight and benefit from better decision-making, which helps eliminate unnecessary treatment and better target therapies for more personalized, value-driven care.
“We’re thrilled to introduce the first big data platform to make value-based care a reality,” said Andrew Pecora, MD, Executive Chairman and Founder of COTA. “The support of our investors will allow COTA to provide doctors with access to real-time clinical and financial data, helping oncologists improve patient care while appropriately managing costs. We look forward to growing COTA and partnering with healthcare industry leading experts.”
As part of COTA’s latest capital infusion, Dr. Glenn D. Pomerantz, JD, Vice President and Chief Medical Officer of Horizon Healthcare Services, Inc., Joseph Davi, CEO of Med-Metrix and Dr. William T. DeRosa of the Regional Cancer Care Associates (RCCA) were named to the company’s board of directors. A second appointee from Horizon who will be named at a later date will also join COTA’s board. Current board members include Dr. Pecora, Dr. John Crowley, John Hervey, Dr. Stuart Goldberg, Dr. Andre Goy, Dr. Ed Licitra and Dr. David Siegel. Previously, COTA received a seed round of funding from private sources and RCCA, one of the largest oncology groups in the country with over 100 oncologists.
“Horizon’s goal is to assist doctors in providing their patients with the most effective and efficient treatment possible, and COTA has the potential to become a powerful tool to help them do that,” said Glenn D. Pomerantz, MD, JD, Vice President and Chief Medical Officer of Horizon Healthcare Services, Inc. “In the molecular age of medicine, the data COTA provides can give doctors a clearer picture of how to most effectively treat their patients, so we see this as an investment to further transform how health plans and doctors collaborate to improve safety and patient outcomes.”
COTA, Inc.
Developed by oncologists for oncologists and their patients, COTA, Inc. is a cloud-based platform that enables doctors and health plans to improve patient care and move from fee-for-service to value-based reimbursement models. COTA offers providers, patients and payers with the real-time data they need to improve clinical outcomes, while reducing the costs. Based in New Jersey, the Company’s mission is to enable optimal care for every cancer patient by generating actionable, real-time data. To learn more about COTA, call (866) 648-3833 or visit www.cotatrack.com.
About Horizon Healthcare Services, Inc.
Horizon Healthcare Services, Inc. is New Jersey’s oldest and largest health insurer and is a tax-paying, not-for-profit health services corporation, providing a wide array of medical, dental, and prescription insurance products and services. Horizon Healthcare Services, Inc. serves more than 3.7 million members with headquarters in Newark and offices in Wall, Mt. Laurel, and Ewing. Learn more at www.HorizonBlue.com.
About Med-Metrix
Med-Metrix is an industry leader in the development and application of performance management technology in the healthcare sector. Our executive team includes former leaders of National Revenue Cycle firms, Hospital Turnaround Management businesses, and Managed Care companies. Our subject matter experts and state-of-the-art software provide our business partners with a comprehensive, data-driven view of performance across their organizations, enabling them to realize operational efficiencies, reduce the cost of care, and measure clinical outcomes. For additional information, please visit www.med-metrix.com.