Geneoscopy Secures $105M Funding to Transform Diagnostics
Geneoscopy Completes Series C Funding for Gastrointestinal Health
Geneoscopy, Inc., a prominent life sciences company dedicated to enhancing gastrointestinal health through innovative diagnostic tests, has recently finalized a Series C funding round that garnered an impressive $105 million. This strategic investment, spearheaded by Bio-Rad Laboratories, not only bolsters the company's financial resources but also solidifies its mission to revolutionize gastrointestinal diagnostics.
Esoteric Investment Support
The funding round witnessed participation from a distinguished consortium of investors, including Labcorp, Petrichor, Morningside Ventures, Lightchain Capital, NT Investments, Granger Management, Mercy Health, and Tri Locum Partners. This widespread backing underscores the trust and confidence these investors place in Geneoscopy’s future potential and their innovative technology.
Advancing Cancer Screening Solutions
The raised capital is pivotal in facilitating key milestones, particularly the rollout of Geneoscopy's at-home, stool-based colorectal cancer screening test, ColoSense. With this funding, the company is positioned to not only launch this groundbreaking test but also to further invest in its expansive pipeline aimed at tackling inflammatory bowel disease.
Innovative Technologies at Work
Geneoscopy employs a cutting-edge platform designed to isolate human RNA from stool samples, which, when paired with Bio-Rad’s Droplet Digital PCR technology, allows for highly sensitive and specific screening of colorectal cancer. This collaboration between Geneoscopy and Labcorp will ensure broader access to ColoSense, enabling healthcare professionals to incorporate it into their comprehensive screening protocols easily.
Significant Corporate Milestones Achieved
Reflecting on the past year, Andrew Barnell, CEO and co-founder of Geneoscopy, expressed pride in attaining significant milestones, highlighting FDA approval of ColoSense as a key achievement. Barnell stated, "This financing is a testament to the confidence investors have in our RNA technology to address critical unmet needs in colorectal cancer and inflammatory bowel disease." This infusion of funds positions Geneoscopy well for the challenges ahead, particularly in prioritizing patient health and pioneering advancements in gastrointestinal diagnostics.
Addressing Public Health Needs
The urgency to improve colorectal cancer screening comes amid rising incidence rates among younger populations, now recognized as the second deadliest cancer in the U.S. The U.S. Preventive Services Task Force has actively responded by lowering the recommended age for initial screenings to 45. Many eligible individuals still face barriers to timely screening, often due to limited access or reluctance towards traditional invasive procedures.
A Commitment to Transformation
With the completion of this $105 million funding round, Geneoscopy is set to tackle these urgent health concerns through innovative solutions such as ColoSense, which offers a non-invasive method for early and accurate detection of colorectal cancer. The company's initiatives promise to enhance patient outcomes significantly by granting access to effective screening options.
Future Plans and Perspectives
In alignment with their ongoing commitment to innovation, Andrew Barnell will discuss the company’s trajectory and funding strategies at the upcoming J.P. Morgan Healthcare Conference. His presentation is anticipated to offer in-depth insights into Geneoscopy's plans for leveraging this capital to push forward their agenda of healthcare transformation.
About Geneoscopy, Inc.
Founded with a core focus on gastrointestinal diagnostics, Geneoscopy leverages its patented stool-derived eukaryotic RNA biomarker platform to empower both patients and healthcare providers. Their FDA-approved ColoSense test targets colorectal cancer screening for individuals aged 45 and older, reflecting a commitment to innovation and patient care. Geneoscopy is also engaged in collaborations with leading educational and pharmaceuticals organizations to pioneer diagnostic tools across various gastrointestinal conditions.
About Bio-Rad Laboratories, Inc.
Bio-Rad Laboratories is a leader in the clinical diagnostics and life science research sectors. Operating from Hercules, California, the company encompasses a global network of research, manufacturing, and sales personnel dedicated to delivering innovative and high-quality products. As a partner to Geneoscopy, Bio-Rad aims to enhance the clinical landscape and improve overall health outcomes through its advanced technologies.
Frequently Asked Questions
What is the purpose of Geneoscopy's funding round?
The funding is aimed at launching innovative gastrointestinal diagnostic tests and addressing unmet needs in colorectal cancer screenings.
What is ColoSense?
ColoSense is a non-invasive at-home stool-based test developed by Geneoscopy for the early detection of colorectal cancer.
Which companies participated in the funding round?
Prominent investors included Bio-Rad Laboratories, Labcorp, Petrichor, and Morningside Ventures among others.
What technology does Geneoscopy utilize?
Geneoscopy utilizes a patented stool-derived RNA platform coupled with advanced PCR technology for accurate diagnostic testing.
Where can I find more information about Geneoscopy?
For detailed information, visit Geneoscopy's official website or follow them on LinkedIn.
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