KING OF PRUSSIA, Pa. — Feb. 8, 2017— Genomind, a personalized medicine company advancing mental healthcare through genetic testing, has completed an $11 million financing with its existing shareholders and Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors.
In 2016, more Americans underwent genetic testing performed by Genomind to help guide treatment of mental illness than in any previous year; to date, over 85,000 patients have received results from the company’s Genecept Assay®. Genecept is designed to help clinicians optimize treatment decisions for their patients with mental health conditions.
“This financing will further fuel Genomind’s expansion. We hear all the time from clinicians, patients and mental health advocates that genetic testing can help those facing a mental health challenge get better. We closely examined SVB’s record as they did ours; this is a solid match, and we are excited to have them as partners,” says Michael Koffler, President and CEO, Genomind.
“It is our pleasure to provide this financing to Genomind as the company continues to grow and expand,” said James Caccavaro, vice president of healthcare and life science at Silicon Valley Bank. “Genomind is driving important advancements to mental healthcare through genetic testing. We’re committed to helping the company achieve its goals through the right financing, connections and global services.”
Genomind is a personalized medicine company bringing innovation to mental healthcare through genetic testing. Genomind is comprised of pioneering researchers and thought leaders in psychiatry and neurology and specializes in pharmacogenetic laboratory testing for psychiatry. Genomind is committed to partnering with clinicians to improve their patients’ lives. Learn more at www.genomind.com.