CAMBRIDGE, Mass., Feb. 24, 2014 /PRNewswire/ -- KEW Group Inc. (KEW), a privately held oncology services company located in Cambridge, Mass., announced today the recent closing of a private round of financing with Cardinal Health (NYSE: CAH) and The Bolyston Street Group. KEW is focused on providing state-of-the-art diagnostic services to help inform and advance community oncologists' treatment decisions for their patients.
"We believe there is a strong need to arm community oncologists with rapidly advancing genomics-based tumor diagnostic tools that, until now, have largely been available only at large cancer treatment and academic centers," commented M. Kathleen Behrens Wilsey, KEW CEO. "We are very pleased with this financing milestone, as it provides us with critical capital to continue to build and expand the reach of our offerings to community oncologists across the country."
John P. Sullivan, VP Strategy and Corporate Development, Cardinal Health, will represent the company's investment on KEW's Board of Directors. Additionally, KEW and Cardinal Health will continue to develop a strategic relationship to mutually benefit KEW's oncology testing services and Cardinal Health Specialty Solutions' relationship with community oncologists. The Boylston Street Group, a group of private investors in the Boston area, will be represented on KEW's Board of Directors by Valerie Jo Friedman. Leerink Partners, LLC served as the exclusive placement agent for the financing.
"Cardinal Health Specialty Solutions is pleased to partner with KEW for the provision of molecular diagnostics services to the patients and practices we serve," said Meg Fitzgerald, President of Cardinal Health Specialty Solutions. "KEW not only has developed leading-edge tumor genetic testing; they share our vision of supporting community oncology practices and innovating to improve cancer care for patients everywhere. By investing in the company, we further ensure the strength and alignment of our partnership and our combined ability to continue to develop information and service offerings that make a difference today and for the future."KEW also cited recent changes to the National Comprehensive Cancer Network® (NCCN®) Clinical Practice Guidelines in Oncology (NCCN Guidelines®) as a potential catalyst for encouraging uptake among clinicians of services such as those offered by KEW. One relevant update involves a recommendation for clinicians to use multiplex, next-generation sequencing analysis for lung cancer patients; another identifies the importance of testing KRAS and NRAS genes for colorectal cancer patients.