- Proceeds allow Blue Note to scale the organization and fund clinical trials of BNT001, which received FDA Breakthrough Device Designation in June 2020
SAN FRANCISCO, March 3, 2021 /PRNewswire/ -- Blue Note Therapeutics, Inc., today announced the closing of a Series A financing round of $26.25 million. Proceeds will allow the company to scale the organization and fund near-term clinical trials of its lead prescription digital therapeutic (PDT), which will potentially improve the treatment of cancer. The capital will also support the development of Blue Note's pipeline assets. The Series A financing was led by JAZZ Venture Partners and joined by Summer VC.
Blue Note Therapeutics is dedicated to serving patients suffering from cancer-related distress. Working closely with leading cancer research centers and patient communities, Blue Note is developing clinically validated medical devices designed to improve overall cancer outcomes. These products will help address the specific psychosocial needs of oncology patients and may reduce comorbidities such as anxiety, depression, and fear of cancer recurrence.
"When a patient receives a cancer diagnosis, the treatment and management of physical disease is prioritized. However, there remains a significant unmet need to treat the psychosocial symptoms of those who may experience distress related to their cancer diagnosis, treatment, or survivorship," said Dr. Andrew Firlik, Co-Founder and Managing Partner of JAZZ Venture Partners. "Blue Note devices present an opportunity to expand access for all Americans to the standard of care in top cancer centers and solve the acute supply and demand mismatch between patient need and available care providers. We are pleased to join Blue Note Therapeutics in this Series A round to help bring this promising technology to cancer patients in need."
Blue Note holds licensing agreements with several leading cancer centers and universities, including the University of Miami, Massachusetts General Hospital, and Memorial Sloan Kettering Cancer Center, to digitize evidence-based, cancer-specific therapies.
"Our mission is to ease the burden of cancer. We are committed to expanding access to evidence-based, cancer-specific treatments from the world's top cancer centers to every cancer patient, in their time of need," said Geoffrey Eich, CEO of Blue Note Therapeutics.
In 2020, Blue Note launched COVID Cancer Care, a digital wellness program intended to help adults with cancer cope with stress and anxiety related to the COVID-19 pandemic.
BNT001 received Breakthrough Device Designation from the FDA in June 2020 for the treatment of symptoms of anxiety and depression related to cancer in adult patients. BNT001 is not cleared by the FDA for any indication. Early access to the COVID Cancer Care program was made possible under the FDA's enforcement policy for digital health devices for treating psychiatric disorders during the COVID-19 public health emergency which was announced in April 2020. For more information, visit www.bluenotetherapeutics.com.
About Cancer-Related Distress
There are about 18 million cancer patients and survivors in the United States today.1 Nearly half of all cancer patients experience psychosocial distress, anxiety, or depression.2 If left untreated, these feelings can lower a cancer survivor's quality of life and may negatively affect survival.3 The National Comprehensive Cancer Network (NCCN) has established guidelines for the delivery of mental health care services in oncology, which include screening patients for signs of distress and implementing a treatment plan to address these needs with a mental health care specialist.4 Unfortunately, fewer than half of patients who experience cancer-related distress, which can be defined as any unpleasant feeling, emotion, or experience that affects a patient's quality of life or ability to cope with cancer diagnosis and treatment, are referred to mental health care specialists.5,6 Prescription digital therapeutics designed to treat cancer-related distress can help close this cancer treatment gap.
About Blue Note Therapeutics
Blue Note Therapeutics is a prescription digital therapeutics company singularly dedicated to serving patients suffering from cancer-related distress. We aim to make mental health care accessible to any cancer patient, at any time, by merging deep scientific and clinical expertise, neuroscience, and digital innovation. Working closely with cancer research and patient communities, we are developing clinically validated prescription digital therapeutics to help reduce anxiety, depression, and other forms of cancer-related distress. For more information, visit www.bluenotetherapeutics.com.
About JAZZ Venture Partners
JAZZ Venture Partners invests in companies that extend the boundaries of human performance - improving how we live, learn, work, play, and experience the world. JAZZ seeks breakthroughs at the frontiers of technology and science, such as advances in artificial intelligence, neurobiology, augmented reality, and closed-loop human-computer systems. JAZZ portfolio companies are unlocking human potential in health, mind-body wellness, accelerated learning and training, sports, entertainment, and the enterprise. For more information, visit www.jazzvp.com.
About Prescription Digital Therapeutics (PDTs)
Prescription digital therapeutics (PDTs) are a therapeutic class of medical devices that use U.S. Food and Drug Administration (FDA) approvable software to treat diseases and conditions, such as anxiety and depression related to cancer diagnosis and treatment. Similar to prescription medicines, PDTs must demonstrate safety and efficacy in randomized clinical trials prior to their approval by the FDA.
1 American Cancer Society. Cancer Facts & Figures 2020. https://www.cancer.org/content/dam/cancer-org/research/cancer-facts-and-statistics/annual-cancer-facts-and-figures/2020/cancer-facts-and-figures-2020.pdf.
2 Mehnert A, Hartung TJ, Friedrich M, et al. One in two cancer patients is significantly distressed: Prevalence and indicators of distress. Psychooncology. 2018;27:75-82.
3 Centers for Disease Control and Prevention. Anxiety and Depression Medicine Use Among Cancer Survivors. https://www.cdc.gov/cancer/dcpc/research/articles/anxiety_dep_med_survivors.htm.
4 National Comprehensive Cancer Network. Distress Management, Version 3.2019, NCCN Clinical Practice Guidelines in Oncology. https://jnccn.org/view/journals/jnccn/17/10/article-p1229.xml.
5 OncoLink. What is Cancer Related Distress? https://www.oncolink.org/support/practical-and-emotional/coping-communication-concerns/what-is-cancer-related-distress.
6 American Cancer Society. Cancer Treatment & Survivorship Facts & Figures 2019-2021. https://www.cancer.org/content/dam/cancer-org/research/cancer-facts-and-statistics/cancer-treatment-and-survivorship-facts-and-figures/cancer-treatment-and-survivorship-facts-and-figures-2019-2021.pdf.
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SOURCE Blue Note Therapeutics, Inc.