Biofourmis expands into oncology with Gaido Health acquisition

Digital therapeutics startup Biofourmis said it has reached an agreement to acquire US-based Gaido Health, a move that will allow the Singapore-born company to expand into the oncology space.

Financial details of the deal were not disclosed.

Biofourmis CEO and founder Kuldeep Singh Rajput / Photo credit: Biofourmis

Gaido Health provides an AI platform that monitors post-discharge oncology patients using wearables and machine learning. Its technology is designed to detect signs of complications early, allowing clinicians to be informed quickly and intervene in a timely manner.

The company was part of Takeda Digital Ventures, the investment arm of Japan-based Takeda Pharmaceutical Company.

The acquisition will complement Biofourmis’ existing digital therapeutics portfolio, which covers heart failure and chronic pain, among others, CEO Kuldeep Singh Rajput said in a statement.

“Gaido was founded in 2018 to create new tools that assist caregivers in monitoring patients undergoing chemotherapy […]. Biofourmis will continue this vital work,” said Bruce Meadows, head of investments at Takeda Digital Ventures.

Prior to the acquisition, Gaido Health was already using Biofourmis’ wearable biosensor for home monitoring, according to a statement.

With the deal, Gaido Health’s system will be combined with Biofourmis’ flagship Biovitals platform, an AI-powered health analytics ecosystem that can predict clinical exacerbation using data from wearable sensors. The integration will be aimed at managing toxicities in patients undergoing CAR T-Cell Therapy, a form of immunotherapy that uses altered T cells, which are part of the immune system, to fight cancer.

According to Biofourmis, the total cost of CAR T-Cell therapy can be more than double the cost of the drug when factoring in post-therapy necessities. In the US alone, the total cost of care could rise to US$170 billion this year. Moreover, over 30% of patients on chemotherapy get readmitted to the hospital.

Rajput explained that by closely monitoring these groups of patients, care providers can improve outcomes and decrease readmission rates, leading to lower costs.

The acquisition will see Gaido Health’s CEO Gary Manning joining Biofourmis as senior vice president of corporate development, according to the statement.

Originally established in Singapore, Biofourmis moved its base to the US in May last year after securing US$35 million in series B funding. To date, the startup has raised about US$43.5 million since 2016, according to data from Crunchbase.