ANN ARBOR — Genomenon announced that it has completed a $2.5 million equity financing round. Company officials said the financing will expand Genomenon’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, more than 2,000 clinicians and researchers from 35 countries started using Genomenon’s Mastermind genomic search engine.
Investors in this round include Irish Angels, H. W. Kaufman Group, and all of Genomenon’s earlier investors, including the company’s CEO, Mike Klein.
The company initially set out to raise $2 million 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.”
Added Klein: “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. 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.
Genomenon puts genomic research at doctors’ fingertips for faster & more comprehensive diagnosis and treatment decisions. Its flagship product, the Mastermind Genomic Search Engine, provides immediate insight into the published genomic research for every disease, gene, and genetic variant found in the literature.
Used by hundreds of diagnostic labs around the world, Mastermind accelerates genomic interpretation by providing unique insight into genomic relationships found in the full text of millions of scientific articles. Pharmaceutical researchers license the Mastermind database for a comprehensive genomic landscape associated with any given disease – to identify and prioritize genomic biomarkers for drug discovery and clinical trial targets.
For more information, visit www.genomenon.com.
Founded in 2012, Irish Angels is a Notre Dame University-inspired angel group. H.W. Kaufman is an insurance and financial services group based in Farmington Hills.