Genomind said today it has completed an $11 million financing with existing shareholders as well as Silicon Valley Bank.
“This financing will further fuel Genomind's expansion,” Genomind President and CEO Michael Koffler said in a statement.
Based in King of Prussia, PA, Genomind is a developer of genetic tests designed to help guide treatment of mental illness. According to the company, more than 85,000 patients to date have received results from the company's core product—the Genecept Assay, a cheek swab test that identifies patient-specific genetic markers intended to indicate which treatments are likely to work as intended, have no effect, or cause adverse effects.
Genecept Assay analyzes key genes that were selected based on hundreds of studies showing that variations in these genes can inform treatment decisions. The number of genes studied more than doubled last year, from 10 to 18, resulting in an assay that the company calls the most comprehensive pharmacogenetic test available for psychiatry.
The assay is designed to guide treatment for a range of psychiatric conditions, including depression, anxiety, obsessive-compulsive disorder, attention-deficit hyperactivity disorder, bipolar disorder, post-traumatic stress disorder, autism, schizophrenia, chronic pain, and substance abuse.
In a 2015 study funded by Genomind, and published in 2015 in The Primary Care Companion for CNS Disorders, clinicians reported that 87% of their patients showed clinically measurable improvement with treatment guided by the Genecept Assay. Of the 69% of patients who had two or more prior treatment failures, 91% showed clinically measurable improvement, the study also found. “In the absence of a treatment-as-usual comparator, the proportion of improvement attributable to the test cannot be estimated,” the study cautioned.
The new financing round is the third announced by the company in the past three years. Genomind closed on a $5 million series A financing led by Claritas Capital in 2014. The following year, Genomind closed on an additional $6 million financing round that was also led by Claritas.
As of July 14, 2016, Genomind had sold $20.95 million in equity of a total $25.95 million offering, according to a Form D filing with the U.S. Securities and Exchange Commission.