Already on its second acquisition since it was founded five years ago, Boston-based Biofourmis is growing at a rapid clip. The Boston-based startup uses predictive analytics to forecast problems in patients in heart failure, and is now looking to expand its work to other specialties.
The company’s analytics engine received FDA 510(k) clearance last fall. Shortly after, Biofourmis acquired Biovotion, a startup that makes an armband that collect data on heart rate, skin temperature, and a plethora of other vital signs.
Biofourmis’ most recent addition is Gaido Health, a remote monitoring system for oncology patients. The company acquired Gaido Heath from Takeda; it was part of Takeda’s technology investment arm, Takeda Digital Ventures. The companies did not disclose the terms of the deal.
With its new acquisition, Biofourmis plans to use Gaido Health’s platform to manage toxicities in cancer patients undergoing CAR-T cell therapy. Patients are normally monitored for at least a week after receiving treatment. With the acquisition of Gaido Health, Biofourmis hopes to allow patients to be be monitored at home to detect early signs of clinical complications after receiving treatment.
“By closely monitoring these groups of patients in their homes following discharge, providers can improve outcomes, decrease readmission rates, and lower the cost of care,” Biofourmis CEO Kuldeep Singh Rajput said in a news release.
Making the merger easier from a technical perspective, Gaido Health had already been using Biofourmis’ wearable biosensor for home monitoring before the acquisition. The company’s CEO, Gary Manning, will join Biofourmis as its senior vice president of corporate development.
“I am delighted that we can continue the tremendous work that has been done by Gaido Health to provide an enhanced level of safety to the recently discharged oncology patient,” Manning said in a news release. “Biofourmis’ acquisition of Gaido Health will expand the population of remotely monitored patients and using their tremendous technology will move our capabilities from detection of deterioration to prediction and enable earlier interventions using software-based therapeutics.”
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