Genomind’s latest funding round brings total backing to nearly $80M
Source, Philadelphia Business Journal, John George
A Montgomery County personalized medicine and mental health services company specializing in genetic testing has raised $4.9 million in a private stock sale, funding that will be used to help expand market share for its lead product.
King of Prussia-based Genomind disclosed the equity financing in documents with the U.S. Securities and Exchange Commission.
The Series D round was led by the company’s second largest backer, Claritas Capital of Nashville, which invested $3 million. The Dozoretz Trust also invested $1.2 million.
Genomind has now raised nearly $80 million since its inception in 2009.
Shawn O’Brien, Genomind’s CEO and also an investor in the Series D round, said the $4.9 million raised represents the initial close on the private stock sale. The company expects to close additional funding in February. The SEC filing notes Genomind is seeking to raise a total of $11.15 million.
Genomind CFO Thomas Hess said the latest funding round will be used to expand the market for its primary product, Genomind PGx, and to continue the soft launch of its Mental Health Map direct-to-consumer test.
The company’s flagship product, Genomind PGx, is a pharmacogenetic testing service that helps medical professionals guide patients’ mental health treatment. The test screens patients for two dozen genes and generates a report designed to help clinicians make more informed treatment decisions based on the presence or absence of certain genes, and to avoid the trial-and-error process when selecting medications for a patient.
During the summer, Genomind launched the Genomind Mental Health Map, a direct-to-consumer test that is designed to give people a better understanding of the biological basis of mental health. The product is coupled with “actionable guidance” to help people improve health and wellness.
The test focuses solely on genetics, traits and predispositions associated with mental health and wellness. It analyzes 38 genetic variants and their influence on 29 mental health traits.