KING OF PRUSSIA, PA – Sept. 22, 2015 – Genomind, a personalized medicine company bringing innovation to mental health care through genetic testing, announced the closing of a $6 million round of financing led by Claritas Capital.
Claritas, an experienced capital partner for management teams leading high-growth, innovative health care and technology companies, had previously led a $5 million investment round in Genomind in April 2014.
This latest investment will be used to fund the continued growth of Genomind, as well as a multi-site randomized controlled trial for the company’s core product, the Genecept Assay™, and the development of its next generation expanded product.
The Genecept Assay is a genetic test designed to help clinicians optimize treatment decisions for their patients with mental illness. It identifies patient-specific genetic markers that indicate which treatments are likely to work as intended, have no effect or cause adverse effects.
“This latest demonstration of investor support is confirmation that Genomind is taking the right steps as the leader in improving the lives of patients with mental illness by bringing innovative technologies to clinical care,” said Michael Koffler, Genomind’s President and Chief Executive Officer.
The Genecept Assay is an easily administered cheek swab test that analyzes key genes that are selected based on hundreds of studies showing that variations in these genes can inform treatment decisions. The Assay is used to guide treatment for a range of psychiatric conditions, including depression, anxiety, ADHD, bipolar disorder, PTSD and schizophrenia, and has been shown through peer-reviewed published studies to improve patient outcomes and reduce overall medical costs.
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 other adverse events. Clinicians and patients are benefiting from the Genecept Assay in all 50 states.
An open label study found 87 percent of patients showed clinically measurable improvement after assay-guided treatment using the Genecept Assay, far exceeding trialand-error treatment.
Genomind is a personalized medicine company bringing innovation to mental health care 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.