Genomind, a King of Prussia, PA-based genetic testing company bringing innovation to mental health care, closed a $6m round of financing.
The round was led by Claritas Capital, which had previously led a $5m investment round in Genomind in April 2014.
The company intends to use the funds for the continued growth of Genomind, as well as a multi-site randomized controlled trial for its core product, the Genecept Assay™, and the development of its expanded product.
Led by Michael Koffler, President and Chief Executive Officer, Genomind is advancing the Genecept Assay, 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.
The Genecept Assay is a cheek swab test that analyzes key genes that are 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, ADHD, bipolar disorder, PTSD and schizophrenia, and has been shown through peer-reviewed published studies to improve patient outcomes and reduce overall medical costs.