Tempus’s co-founder, Eric Lefkofsky proudly announced details on the company’s latest successful round of funding. Tempus has garnered the title of unicorn, a status bestowed to the few elite private startup companies that are valued at $ 1 billion in value. The data analytical company has been the recipient of large investments since 2015. Eric Lefkofsky detailed the company’s investments going back to 2015. Kinship Trust Co., T. Rowe Price Associates and Revolutionary Growth invested $ 80 million during the “Late Stage Venture” Series Round D. In September 2017, $ 70 million was invested by New Enterprise Associates and Revolutionary Growth during the Series Round C.
Tempus is a health information technology company that is taking a unique approach to the fight against cancer. Tempus is finding tremendous value in the large data sets of health information, by using data analytical or machine learning algorithms to identify correlations in current and historical healthcare data. Tempus is creating, with the power of artificial intelligence, patient specific care plans to fight cancer. By analyzing historic cancer fighting data sets, Tempus is identifying successful treatments in the data and apply them to create a personalized fight against cancer. Eric Lefkofsky said the success Tempus is experiencing is due to the current cutting edge state of where we are in health information technology, and investors are realizing the potential breakthroughs in healthcare.
Eric Lefkofsky graduated from the University Of Michigan Law Schools, and is an adjunct professor at the University of Chicago. Eric Lefkofsky has had his hands in many startup companies and is co-founder of Groupon, Mediaocean, Echo Global Logistic and Uptake Technologies. Uptake Technologies, received $ 90 million in investments during the Series Round B.
In 2006, Eric along with his wife Liz founded the Lefkofsky Family Foundation, a private charity organization that focuses on four key areas, educational equality, human rights, medical research and arts and other cultural initiatives.
Statistics show that close to $933 billion Americans directed to health care in 2013 vis a vis 1996 is as a result of the increment in healthcare charges, which has appreciated over time to become more intense and expensive. A major cause of these changes is the abnormal population growth and aging. Equally, a change in the prevalence of a disease meant that just a slight decrease favored the annual spending. The frequency of how the healthcare services are used is less of a factor in the charges incurred.
Gerald Anderson of Hopkins attributes excessive spending on the absurd charges. He later adds that as much as the big-picture revelations are obvious, expenditures by disease is still a key aspect. Different diseases, therefore, have various driving factors steering their increase. For instance, diabetes exhibited the highest increase in yearly spending; $64 billion. $44 billion accounted for use in pharmaceuticals. Other factors involved include population growth, diabetes prevalence, and aging.
About Erick Lefkofsky
Erick Lefkofsky is the CEO and co-founder of Tempus, a high tech company responsible for the creation of an operating system meant to counter cancer. Erick has co-founded several other technology companies which include Lightbank, a business targeting to invest in disruptive technologies and also Uptake Technologies, a predictive analytics platform for Mediaocean.
Other than his numerous business ventures, Erick is also on the lead in philanthropic activities. In 2006, he established a private charitable foundation, the Lefkofsky Family Foundation, in association with his wife, Liz. Throughout his life, Erick has a record of donating millions of dollars towards cancer research. The foundation targets to improve the living standards of the contact communities through high-impact initiatives. Erick serves as a trustee in several institutions. Among these is the Lurie Children’s Hospital of Chicago, The Museum of Science and Industry, The Art Institute of Chicago, and World Business Chicago. He is the overall chairman of Steppenwolf Theater Company’s board of trustees. Erick Lefkofsky is a distinguished alumnus of the University of Michigan where he earned his Juris Doctor at the university’s Law school.
Over the past 30 years, the cancer industry has seen some of the most exciting developments take place in the history of medicine. One of these has been the advent of what’s known as precision medicine, a sub-discipline of drug research that seeks to create drugs and other treatments that are able to specifically target disease sites, potentially leading to far fewer side effects and increased effectiveness. One type of precision medicine research that has yielded tremendous results so far has been the development of a class of drugs known as antibody drug conjugates.
Antibody drug conjugates are the development are primarily one man, Clay Siegall. After becoming one of the nation’s foremost cancer researchers throughout the 1980s and 1990s, Clay Siegall began working on a totally unprecedented class of drugs while still at Bristol-Myers Squibb. Working as a senior researcher, he led his team to develop one of the most innovative drug manufacturing processes of the world has ever seen. Using malignant tissue, Dr. Clay Siegall was able to inject the cancer cells into the bodies of mice, which then produce antibodies. These antibodies were the mammalian body’s way of specifically targeting the malignant tissues. Unfortunately, the body’s ability to fight malignant tissue through the production of antibodies is severely limited and in many cases non-existant. However, the antibodies are still extremely effective at seeking out and attaching to the malignant tissue, making them a useful delivery mechanism for more lethal agents.
Dr. Siegall’s insight was that these antibodies could be improved upon through highly sophisticated means of producing synthetic molecules that were nearly but not quite identical to them. Through this process, it became possible to devise molecules that function as the natural antibodies produced by the body but that were far less likely to induce adverse reactions in actual patients’ bodies, such as anaphylaxis or other allergic reactions.
Once the optimal antibody for a given type of malignant tissue was developed, Dr. Siegall and his team were then able to bind a cytotoxin to the antibody, creating a system whereby the cytotoxin would be delivered directly to the surface of the tumor, not being released until the malignant tissue was reached.