Genomenon Completes $2.5 Million Financing Round
Investment Drives Commercial Expansion into Pharma and Clinical Diagnostic Labs
ANN ARBOR, MICHIGAN – January 8, 2019 - Genomenon® announced that it has completed a $2.5M equity financing round. The financing will expand the company’s commercial reach with clinical diagnostic labs, biotech, and pharmaceutical companies.
Genomenon connects patient DNA with the evidence in scientific literature to help doctors provide faster and better treatment decisions for patients with rare diseases and cancer.In the last year, over 2,000 clinicians and researchers from 35 countries started using Genomenon’s Mastermind® Genomic Search Engine - which is quickly becoming the gold standard for genomic interpretation.
Investors in this round include IrishAngels, H. W. Kaufman Group, and all of Genomenon’s earlier investors including the company’s CEO, Mike Klein, Invest Detroit, Invest Michigan, Michigan Angel Fund, Monroe Brown Fund, and the MINTS fund out of the University of Michigan. The company initially set out to raise $2.0M in new financing, but with strong interest from both current and new investors, the round was oversubscribed.
"IrishAngels is happy to join Genomenon as an investor” said Kaitlyn Doyle, Director of IrishAngels. “The revolutionary technology behind Genomenon’s Mastermind Genomic Search Engine will have a huge impact on the interpretation of genomic data, and this team has the requisite experience to scale the company to its potential."
“We’ve seen strong demand from clinical labs desiring to accelerate their genomic interpretation process, and from pharmaceutical companies who want to license the data,” said Mike Klein, CEO of Genomenon. “Mastermind is eliminating the variant interpretation bottleneck for clinical labs and providing pharma and biotech companies with a comprehensive genomic landscape in order to identify genomic biomarkers for drug discovery and clinical trials.”
Genomenon is using the funds to accelerate its commercial efforts by investing in marketing and building out its sales team to handle growing customer demand. The company has a number of new job postings on its website at www.genomenon.com/about/#hiring.
