Genomind Closes $5 Funding
Wednesday, April 9, 2014
Genomind, a personalized medicine company, closed 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.