KING OF PRUSSIA, PA--(Marketwired - February 08, 2017) - Genomind, a personalized medicine company advancing mental healthcare through genetic testing, has completed an $11 million financing with its existing shareholders and Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors.
In 2016, more Americans underwent genetic testing performed by Genomind to help guide treatment of mental illness than in any previous year; to date, over 85,000 patients have received results from the company's Genecept Assay®. Genecept is designed to help clinicians optimize treatment decisions for their patients with mental health conditions.
"This financing will further fuel Genomind's expansion. We hear all the time from clinicians, patients and mental health advocates that genetic testing can help those facing a mental health challenge get better, faster. We closely examined SVB's record as they did ours; this is a solid match, and we are excited to have them as partners," says Michael Koffler, President and CEO, Genomind.
"It is our pleasure to provide this financing to Genomind as the company continues to grow and expand," said James Caccavaro, vice president of healthcare and life science at Silicon Valley Bank. "Genomind is driving important advancements to mental healthcare through genetic testing. We're committed to helping the company achieve its goals through the right financing, connections and global services."
Genomind is a personalized medicine company bringing innovation to mental healthcare through genetic testing. Genomind is comprised of pioneering researchers and thought leaders in psychiatry and neurology and specializes in pharmacogenetic laboratory testing for psychiatry. Genomind is committed to partnering with clinicians to improve their patients' lives. Learn more at www.genomind.com.
About the Genecept Assay®
The Genecept Assay is a genetic test designed to help clinicians optimize treatment decisions for their patients with mental illness. It identifies patient-specific genetic markers that indicate which treatments are likely to work as intended, have no effect or cause adverse effects. It is an easily administered cheek swab test that analyzes key genes that have been selected based on hundreds of studies showing that variations in these genes can inform treatment decisions. The Assay is used to guide treatment for a range of psychiatric conditions, including depression, anxiety, obsessive-compulsive disorder (OCD), attention-deficit hyperactivity disorder (ADHD), bipolar disorder, post-traumatic stress disorder (PTSD), autism, schizophrenia, chronic pain and substance abuse, and has been shown in peer-reviewed published studies to improve patient outcomes and reduce overall medical costs. Each Assay provides clinicians with an easy-to-read patient report and a complimentary psychopharmacogenomic consultation. Learn more at www.genomind.com
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.