Personalized medicine test maker AssureRx Health has closed an $11 million Series B round of funding.
The Cincinnati-area company will use the funding to expand sales and marketing for its GeneSightRx test, which helps doctors pick the right psychiatric drugs for patients based on their genes. The company launched the test in 2009.
AssureRx will also use the investment to develop an unspecified second product, according to a statement from the company. In the past, Mason, Ohio-based AssureRx has said that future products could include tests that help doctors choose medications for patients who have neurodegenerative diseases like Alzheimer’s or Parkinson’s, as well as disorders such as attention-deficit hyperactivity and post-traumatic stress.
The financing was led by California-based Claremont Creek Ventures and Sequoia Capital, and included participation of existing investors North Coast Angel Fund, Cincinnati Children’s Hospital Medical Center, Mayo Clinic and CincyTech, as well as new investor Allos Ventures.
AssureRx CEO James Burns didn’t immediately return a call.
The GeneSightRx test measures and analyzes 50 clinically important genetic variants of six genes that affect patients’ responses to psychiatric medications. Those genetic variants are then analyzed against 26 psychiatric drugs to help physicians select the appropriate medications. The test uses a cheek swab, mathematical algorithms and bioinformatics to narrow drug choices to those that work with a patient’s genes.
AssureRx is benefiting from its association with the hot field of personalized medicine. The worldwide pharmaceutical, medical device and diagnostics segment of the personalized medicine market is $24 billion and growing at 10 percent a year, according to a 2010 report from PricewaterhouseCoopers.
The report predicted that personalized medicine would transform the field of healthcare.
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