RDIF invests in innovative cancer diagnostics developer Oncobox
Moscow, May 30, 2019 - The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, announces agreement on key terms of investments of RUB100mn in Oncobox, a company developing solutions for cancer diagnosis based on artificial intelligence (AI).
Oncobox is currently developing a digital platform for performing molecular diagnostics of cancers. Instantly processing large amounts of patient data, the platform’s AI selects optimal medications and effective treatment methods.
Oncobox products expand the range of tools that doctors can use to help prescribe the correct course of therapy. Clinical studies have shown that Oncobox technology increases the effectiveness of targeted chemotherapy for patients with advanced cancer up to 70%.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“Oncobox is developing a unique product with an innovative approach to treatment. The advances of artificial intelligence will make the cutting-edge medical developments available to doctors around the world, significantly increasing patients’ chances of a successful recovery.”
Andrew Garazha, CEO of Oncobox, said:
“Oncobox has unique algorithms and databases that allow the most effective treatment for each patient to be selected. With the support of the RDIF, we hope to carry out a technological revolution in the standards of treatment for cancer patients, providing the advances of modern molecular diagnostics and artificial intelligence.”
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB 1.5tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 700,000 people and generate revenues which equate to more than 5% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40bn. Further information can be found at rdif.ru
Oncobox was established in 2013, the scientific core of the project was based on promising R&D products by scientists from Lomonosov Moscow State University, Moscow Institute of Physics and Technology, and their colleagues from Germany. In 2016 the first clinical validation of the system at the University of Mainz was completed with the support of the Innovation Promotion Fund. In 2017, Oncobox became the first cancer diagnostics company using AI to be selected by the most famous business accelerator in Silicon Valley, Y Combinator. The company conducts registered clinical trials in Germany, Russia, and the USA, collaborates with leading state and private cancer treatment centers. Since 2017, the company's employees have published more than 30 articles in leading journals, including Nature Scientific Data, Seminars in Cancer Biology and Frontiers in Oncology. Further information can be found at https://oncobox.com/
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133