Assurex Health Secures $15 Million in New Financing with a Series D Extension
EACC member company Assurex Health, which is a commercial-stage, informatics-based precision medicine company providing treatment decision support to healthcare providers for behavioral health and chronic pain conditions, has secured an additional $15 million in equity financing from existing Series D investors, according to Virginia C. Drosos, President and Chief Executive Officer.
“We are pleased this round of funding was led by existing shareholders,” Drosos said. “We continue to receive strong support from Sequoia Capital, Claremont Creek Ventures, Cincinnati Children’s Hospital Medical Center, Mayo Clinic, and Cross Creek Advisors among others. Each investor has a proven track record, knows us well and is committed to support our ongoing growth and mission.”
“This additional financing reinforces our commitment to deliver proven, industry-leading science and to continue to build broad, clinical adoption of GeneSight®,” Drosos added. “Results from published, peer-reviewed clinical studies have demonstrated that GeneSight delivers better outcomes for the patient at a lower cost to the healthcare system.”
Powered by CPGxTM, a proprietary combinatorial pharmacogenomics technology, the GeneSight test measures multiple genomic variants for each patient and weights them together – rather than one at a time – to provide comprehensive genetically-driven information for each medication for each patient. In clinical studies, GeneSight has proven to more than double a patient’s likelihood of response to medications and reduce healthcare costs by more than $2,500 per patient per year.
The new financing follows the recent announcement regarding a significant enhancement to the GeneSight Psychotropic test, now the most comprehensive neuropsychiatric pharmacogenomics test available. The test gives healthcare providers an expanded range of options in helping to make medication decisions for patients suffering from depression, anxiety, bipolar disorder, posttraumatic stress disorder (PTSD), schizophrenia, and other behavioral health conditions.
Moreover, this announcement comes as Assurex Health continues to grow. Back in May 2014, the company announced that it had secured $32 million in financing to support continued growth, and earlier this year, Assurex Health announced that it had chosen to stay in Mason, Ohio to build its expanded headquarters and clinical laboratory.
The company was founded in 2006 with licensed patented technology from Mayo Clinic and Cincinnati Children's Hospital Medical Center, who continue to be research collaborators. Assurex Health is the only company in the category with multiple peer-reviewed, published studies that demonstrate the clinical validity and clinical utility of its technology, including its substantial healthcare cost savings benefit. The company has grown every quarter, and also has begun to expand international through a partnership with Canada's Centre for Addiction and Mental Health (CAMH).
Article adapted from an Assurex Health press release.