Other ventures of Lefkofsky. The 49-year-old started five enterprises worth at least 250 million dollars each, promising to transform the business with big data.
The theory is that information in large part allows doctors to personalize cancer treatments and make them more effective. ADVERTISEMENT Tempus is based on the theory. A doctor who treats a lung cancer patient might have a genomic sequence sample sent to Tempus. Tempus determines an epidermal growth factor receptor mutation in the gene that causes cells to grow and divide too much. The doctor prescribes a specific treatment which can have better results than chemotherapy.
To date, $5200 million (Lefkofsky put $100 million) has been raised by the 700-service company. The lavish valuation of 3.1 billion dollars suggests that investors expect their approach to make a major contribution to chronic conditions like depression and diabetes, starting with cancer. However, precision is an emerging field. Since its foundation four years ago, Tempus has published fewer than 20 manuscripts that have been reviewed by peers or research partners. Over 400 competitors were published in nine years by the sequencing firm Foundation Medicine.
The sequencing cost has dropped, but is between US$ 1,000 and $5,000 per analysis and Tempus loses money to do so. Erik Lefkofsky Tempus Erik Lefkofsky JEFF SCIORTINO FOR FORBES Tempus also authorizes its anonymised data library for pharmaceutical companies, insurers and researchers. Lefkofsky will not disclose revenues, but says that seven of the top ten cancer pharmaceutical companies will pay seven-figure fees.
Lefkofsky got a bug from the University of Michigan that was an entrepreneur, studying history and selling tapestries for money. He co-founded InnerWorkings in 2001, and Echo Global Logistics (transport) and Mediaocean (advertising software). in 2001. One of Lefkofsky’s hired employers, Andrew Mason, pitched an idea on a business that focused on’ collective action.’ It generated $14.5 million in revenue a year after its 2008 establishment and $1.6 billion in 2011.