Key Attributes:

CURRENT MODEL Founded in 2008, Mitra is a translational biology company focused on personalised cancer therapy. The company matches drugs to cancer patients and vice-versa using its proprietary experiment driven Oncoprint model. Mitra's technology is based on a real-time experiment. The company cultures the cancer tumour in an incubator, giving it the same micro-environment on a laboratory plate it would have inside the body. Drugs are then introduced into the tumour and each of them tested for the response. An algorithm collates all the data, compares the drugs and ranks them based on the suitability for a particular patient. Mitra has developed this model for various solid cancers (that form discrete tumour mass) including breast cancer, colorectal cancer, pancreatic cancer, head and neck cancer, gastric cancer, cervical cancer, oesophagus cancer, glioblastoma, medulloblastoma and astrocytoma. Mitras strength is the experience of the founders in the area of complex analytics and cancer biology from their previous jobs. Two important applications: diagnostics and drug development. 1. Diagnostics: In diagnostics, Mitras Oncoprint technology is similar to antibiotic treatment. Depending on which physician one goes to, the patient will be prescribed a different (FDA approved) drug or drug cocktail. Mitras Oncoprint analysis takes this guess work out of the equation as the technology gets constantly validated. 2. Drug Development: In the case of drug development, clinical trials are the most expensive part of novel drug development. It takes multiple years and more than 80 per cent of total development cost to take a successful drug through Phase I, II and III clinical trials. However, the way it is currently being done has created a mismatch between the drug and the patients. Mitra solves this problem by selecting the optimal cancer, optimal drug combination and optimal patient profile for the given drug under development. This translates to lower trial cost, higher probability of success and ultimately, a lower cost of drug The company does not design a molecule from scratch and take it all the way to the market. It works with others both academia and global biotechnology and pharmaceutical companies in developing their molecules. We get remunerated on a transactional basis (fee for service) or as in most cases, we adopt the codevelopmental models, explains Sundaram. In addition to its proprietary technology, the company aims to develop and offer its products in a clinically relevant context so that there is a high amount of translation and benefit to the patients.

SUCCESS FACTORS: A good relationship with the ecosystem like cancer hospitals, pharmaceutical industry, funding agencies, and other auxiliary players, defines the companys success in this space. Mitra has partnered with HCG (a cancer-care provider with a network of 25 centres across the country), Mazumdar Shaw Cancer Center, The Chaim Sheba Medical Center, Norwich Clinical Services, Kidwai Memorial Institute of Oncology, Sri Ramachandra University and Tata Memorial Hospital to name a few. They are trying to build a successful ecosystem for building and using our core patient segregation tools, and these hospitals and others are an important component of this ecosystem. It has different arrangements with the players in its ecosystem some are monetary based and while others are not. Mitra plans to add other mutually beneficial strategic partnerships and collaborations with national and international players in the field in the near future. Since cancer is not a static disease but is dynamic, it is very important that the patients treatment option is selected in a short span of time. The company also aims to make this treatment affordable to all. If it is cost effective to a patient is India, it will be cost effective for anyone in the world. says Sundaram.

Finance:
Mitra was funded by global VC fund Accel Partners (Rs. 2.5 Crore), and Indian VC funds KITVEN (Karnataka Information Technology Venture Capital Fund) (Rs. 2.5 Crore) and India Innovation Fund in early 2010. The funds are being used to enhance its research and development platform. The company plans to open up three to four additional R&D centres in 2012 and 10 additional ones by 2016. It is also constantly validating its Oncoprint platform and broadening it to cover different categories of cancer such as solid cancers and haematological cancers (AML, CLL). The early response from patients has been encouraging, but the company is still in a nascent stage. Mitra currently charges $600 (Rs 33,000) from a patient. HCG says using Mitra's approach is a voluntary offer made to patients. The company says it gets about 40 patients per quarter and expects to end 2012/13 with revenues of $100,000 to $120,000. Next year, it expects at least 500 patients in India. Market in US in more lucrative and business delta outside is much higher than that in India. For the same technology, patients are charged up to $4000. (Almost 7 times the cost in India).

Strengths
Experience of the founders in SWOT Analysis: the area of complex analytics and cancer biology Clear vision and plan for the future Excellent Core Competencies

Weakn

S W

New market awareness Indian Mark probably no such a prod High R & D c investment

Opportunities
Niche Market Untapped Extending technology to other avenues to capture bigger share Lucrative market outside India with higher business delta

O T

Thre

No guarantee Similar produ technology Sustainance in market