NextCODE Health, a Cambridge, MA-based developer of a platform that enables accelerated diagnosis of genetic diseases through the use of sequence data, raised $15m in Series A financing.
Backers included Polaris Partners and ARCH Venture Partners.
The company intends to use the funds to scale the integration of its genomics services into clinical settings.
Led by newly appointed CEO Hannes Smarason (he served as CFO and executive vice president of business and finance of deCODE genetics between 1997 and 2004), and president and chief scientific officer Jeff Gulcher, M.D., Ph.D. (deCODE genetics co-founder and former chief scientific officer), NextCODE secured a five-year exclusive license for sequence-based clinical diagnostic applications using technology developed by deCODE genetics including IT infrastructure and data analysis capabilities.
The company is now working with physicians and geneticists to accelerate and expand their ability to diagnose patients through the rapid identification of causative genes and mutations. It is already generating revenue through service agreements with multiple clinical centers, including Queensland University (Australia), Boston Children’s Hospital (U.S.), Newcastle University (U.K.) and Saitama University (Japan).