Biotech company founded by Philippines invests over P500 million in PH – Manila Bulletin | Candle Made Easy

InterVenn Biosciences, a Filipino-founded clinical technology (biotech) company based in Silicon Valley, expects to invest over a billion pesos in the Philippines by the end of this year and increase job opportunities for Filipino software developers.

Axel Kornerup, General Manager of InterVenn Philippines, made the announcement during a Hybrid press conference on Friday, July 22, to mark the opening of its state-of-the-art office at the Ortigas Center as the biotech firm solidifies its presence in the Southeast Asian region.

“We are very happy because we are bringing resources to the Philippines. We expect InterVenne to have injected over half a billion pesos into the Philippine economy by the end of 2022,” Kornerup said.

The amount would represent the company’s investments in the Philippines, the majority of which would be spent operating its largest network operations center. A portion of the amount would be used for rent, wages and other utility costs.

InterVenn is pioneering a new AI-powered platform to unravel and unlock the potential of the glycoproteome at a clinically meaningful scale for the development of transformative healthcare solutions for the first time in history.

To optimize this whole new dimension of biology, the company has developed a platform capable of producing a robust pipeline of powerful clinical applications ranging from early disease detection to diagnostics and potential therapeutics. InterVenn will help make the new era of personalized, predictive and preventative care a reality. The glycoproteome is a source of vital information about human biology that has the potential to significantly improve patient outcomes, but was previously inaccessible due to its sheer complexity

Kornerup also provides jobs for Filipino software developers.

Today, InterVenne has approximately 150 Filipino employees in the Philippines, most of whom are software developers. However, hiring has been suspended due to the current market situation, but continues to actively pool local talent as hiring is expected to start again in the last quarter of this year.

Kornerup noted that his Podium office seats 400 people, but currently only houses 250 employees.

“Our CFO (Chief Operating Officer) is doing his job and is very prudent given the current market situation, but we still plan to expand in the future,” he added, noting that they are preparing for their expansion in the region.

While the company is headquartered in the Bay Area of ​​San Francisco, California, the team maintaining the AI ​​technology consists primarily of Filipinos living in the Philippines, including its co-founder and CEO Aldo Carrascoso.

“Our research is an important step towards truly universal healthcare. We are proud to carry out these phenomenal developments in the Philippines and we look forward to working with more local stakeholders in the future,” said Carrascoso.

InterVenn has made significant advances in cancer screening thanks to the brilliant and dedicated Filipino engineers we have on board. You’ll help build and maintain the front-end, back-end and cloud infrastructure of our next-generation liquid biopsy as we all work together to achieve a world where disease should never catch anyone off guard, Carrascoso said when talking about his products GLORI™ and DAWN™.

Through the use of a proprietary platform based on artificial intelligence (AI) and mass spectrometry, InterVenn’s products have the potential to significantly advance the diagnosis and treatment of cancer and other related fields. InterVenn has developed the world’s first glycoproteome interrogation and decoding technology platform that will help accelerate the healthcare industry’s transition from the healthcare industry’s traditional focus on disease management to the new realm of preparedness and health management.

Kornerup said InterVenn worked with local oncologists to conduct the VOCAL (InterVenn Ovarian Cancer Liquid Biopsy) testing program using software 100 percent made in the Philippines.

“We started this endeavor with the goal of not only having the opportunity to find a cure and early detection for cancer, but also to show everyone that we Filipinos can do it on a global scale,” Kornerup said.

InterVenn, also created by world-renowned scientist and Stanford professor Dr. Carolyn Bertozzi, UC Davis Professor Dr. Carlito LeBrilla and Carrascoso, an expert in AI/ML and blockchain, recently raised 10 billion pesetas in Series C investments last year.

Armed with its new facilities and research cadre, the company has been aggressive in its bid to support the development and commercialization of DAWN™, which they unveiled last month at the healthcare industry’s largest oncology conference, ASCO 2022. Its application to other tumor types are continuously being studied.

DAWN™, a blood-based test designed to help physicians appropriately match cancer patients with the best possible immuno-oncology therapy, which they unveiled last month at the healthcare industry’s largest oncology conference, ASCO 2022. Its application to other tumor types is being studied continuously.

GLORI™ is the world’s first glycoproteomic laboratory-developed liquid biopsy (LDT) test for the diagnosis of ovarian cancer that has been validated using both retrospective patient samples and samples prospectively collected in InterVenn’s VOCAL clinical study.

The VOCAL (InterVenn Ovarian Cancer Liquid Biopsy) testing program is conducted in collaboration with local oncologists. It validates blood tests to aid in the accuracy of doctors’ diagnoses of whether or not masses in the lower abdomen are cancerous.

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