CHALFONT, PA – April 9, 2014 – Genomind, a personalized medicine company, today announced the closing of a $5 million financing to fund the growth of their company and next generation products. Genomind’s core product, the Genecept™ Assay, is a saliva-based genetic test that helps inform treatment decisions for patients with depression and other psychiatric disorders.
The investment was led by Claritas Capital, an experienced capital partner for management teams leading high growth, innovative healthcare and technology companies.
“Genomind is clearly bringing innovation to mental healthcare by disrupting the trial-and-error standard of care, using biomarkers to personalize treatment,” said Theresa Sexton, Partner of Claritas Capital. “We believe this innovation, coupled with their exceptional leadership team, gives us a very strong platform to invest in.”
“We are delighted that Claritas Capital, with their deep understanding of the healthcare and technology space, has chosen to partner with our company,” said Dr. Ronald I. Dozoretz, Co-Founder and Chairman of Genomind. “It is with great excitement that we announce this investment in Genomind.”
“We look forward to making the Genecept Assay more widely available to clinicians and their patients through this financing.” said Scott A. Storrer, President and CEO, Genomind. “We are proud of the positive impact our company is already having on the lives of patients, as evident in our recent outcomes data.”
The Genecept Assay removes the guesswork for clinicians by helping them choose more effective medications and dosages, while reducing side effects, drug-drug interactions and adverse other events. Today, Genomind has clinicians and patients using the Genecept Assay in all 50 states. Recent Open Label Study data found that 89% of patients showed clinically measurable improvement after assay-guided treatment using the Genecept Assay, far exceeding trial-and-error treatment.
About Claritas Capital
Claritas Capital Equity Group is a flexible and opportunistic financial partner for quality management teams seeking a partner to assist in growth objectives over a three to five year period. Since 2002, Claritas Capital has invested in and partnered with over 40 teams operating healthcare, technology and business services companies. The Claritas Capital portfolio represents over $6 billion in transactions. Learn more at http://www.claritascapital.com.
Genomind is a personalized medicine company, comprised of innovative researchers and expert leaders in psychiatry and neurology. Genomind is committed to discovery of the underlying causes of neuropsychiatric disorders and supports the development of personalized medicine that improves patients’ lives. Genomind was founded by Ronald I. Dozoretz, MD, a psychiatrist who has devoted his career to improving mental health. Jay Lombard, DO, a neurologist and co-founder of Genomind, is a critically acclaimed author and nationally recognized thought leader in neuropsychiatry practice and research. Learn more at http://www.genomind.com.
About the Genecept Assay
The Genecept Assay is a comprehensive, simple-to-use tool for understanding genetic and biological markers that best inform response to different psychiatric treatments. The Assay is Genomind’s core product, and contains a proprietary panel of biomarker tests, an analytic report, and a psychopharmacologist consultation. The Assay can be used for a range of psychiatric conditions including depression, bipolar disorder, schizophrenia, anxiety disorders, OCD and ADHD. For more information on the Assay, including information about the specific genes in the panel, please visit http://www.genomind.com/how-it-works/.
For more information, contact:
Marketing Manager, Genomind