WHITEFISH, MT / May 29, 2014 / Treating cancer patients has become increasingly difficult given the condition’s incredibly wide scope. For example, breast cancer can be treated in two very different ways depending on whether a patient is HER2 positive, triple negative, triple positive, or endocrine receptor positive. These types of tests and treatments are only increasing in scope as more genetic markers are discovered.
While these developments are very positive for patients, they make a physician’s job much more difficult. A growing number of genetic markers must be tested for depending on the type of cancer, while a proliferation of clinical trials for each genetic variation creates a complex web of treatment options. Physicians must quickly and effectively decipher these options to optimize patient outcomes.
In this article, we’ll take a look at a company that’s tackling the problem by consolidating information and making it easier to access.
CollabRx Inc. (CLRX), a leader in cloud-based expert systems to inform healthcare decision-making, recently announced the launch of CancerRx(TM) in collaboration with EveryDay Health Inc.’s (NYSE:EVDY) MedPage Today. The mobile application is designed to help oncologists and pathologists navigate the complex landscape of oncology therapeutic options and optimize patient outcomes. CancerRx features all of CollabRx’s currently released Therapy Finders(TM) tools; web-based versions for lung cancer and melanoma Therapy Finders have been available on MedPage Today’s website for over a year.
"Our partnership with MedPage Today will provide oncologists and pathologists with a physician resource unlike any other, in that it synthesizes and makes easily accessible complex and rapidly evolving medical and scientific knowledge and cancer related news, to provide users with real-time tools that will aid them in providing the best possible care," said CollabRx’s Thomas Mika in a release.
Oncologists and pathologists use the web-based Therapy Finders or the iOS-based CancerRx mobile application to input patient information, such as genetic markers and progression, to receive a list of drugs and clinical trials that may apply to that patient’s specific situation as well as expert vetted commentary on the medical and scientific evidence supporting specific options, issues to consider in picking one over the other, and known side effects of specific therapies. CollabRx curates this text-based commentary and lists of drugs and clinical trials with the help of over 75 leading physicians, scientists, and researchers from the nation’s most prestigious academic and medical institutions.
CollabRx’s CancerRx(TM) targets oncologists and pathologists that are in the process of diagnosing and treating patients. The response from these physicians has been sufficiently positive to generate a partnership with industry-leading MedPage Today, with management confirming that thousands of physicians have already used the platform repeatedly on the web to find targeted treatment options for their patients.
With a significant reach into this demographic, the company aims to generate revenue from sponsorships and advertising from major pharmaceutical and diagnostics companies in the space. These companies would be able to directly access physicians with traditional advertising discussing targeted treatment options as well as provide additional information to physicians who request it. This is significantly more valuable than advertising through other channels such as traditional print media or unfocused electronic media.
CollabRx is positioned to further expand its credibility and reach into the physician demographic by submitting papers to peer-reviewed journals and abstracts to annual conferences of professional societies. The approach is similar to that of Foundation Medicine Inc. (FMI) and helps build credibility and reputation within the industry by providing a quantitative basis for its unique solution for optimizing patient outcomes.
Investors in the oncology diagnostics space, including companies like Cell Therapeutics Inc. (CTIC) or Immunomedics Inc. (IMMU), may want to take a closer look at CollabRx given the solid research that it’s presenting and the fact that it’s reaching new end markets.
Development & Catalysts
CollabRx is officially launching CancerRx(TM) at the American Society of Clinical Oncology convention (ASCO 2014) in Chicago on May 30th through June 3rd. At the event, management will have an exhibit designed to show physicians how to use the app and encourage them to download it on the spot. The significant foot traffic and high profile of the event could mean a significantly expanded user base for the product.
Over the coming months, the company also plans on enhancing the app to target additional types of cancer, as well as add biomarker reference tools and social networking capablities, among other things. These enhancements should encourage more usage among physicians and make the resource even more valuable than it already is, which could expand its footprint and exposure for advertisers.
Finally, MedPage Today will help promote the app and build exposure over the long term. The Everyday Health portfolio of websites, which includes MedPage Today, attracts nearly 40 million monthly visitors and reaches more than 90% of healthcare professionals with daily peer-reviewed news coverage delivered by the web and mobile applications. The organization also offers coverage of health conferences from around the world with access to live videos.
Follow this link to receive free email updates on CollabRx progress: http://www.tdmfinancial.com/emailassets/clrx/clrx_landing.php
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SOURCE: Emerging Growth LLC