Behavioral health personalized medicine company AssureRx Health has secured an $8 million line of credit as it looks to boost adoption of its genetic screening test for psychiatric drugs.
Along with an $11 million series B round of funding that the company obtained last year, the line of credit will help fund the development of several new products to be launched in 2012, according to a statement from Cincinnati-area AssureRx.
An AssureRx spokesman declined to provide further detail on the company’s new products.
However, in the past, 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 disorder and post-traumatic stress.
The company’s GeneSightRx test, which helps doctors pick the right psychiatric drugs, was launched in 2009. The test uses a cheek swab, mathematical algorithms and bioinformatics to narrow drug choices to those that work with a patient’s genes.
AssureRx’s series B round was led by California-based Claremont Creek Ventures and Sequoia Capital. Other investors include North Coast Angel Fund, Cincinnati Children’s Hospital Medical Center, Mayo Clinic, CincyTech and Allos Ventures.
The company obtained the $8 million line of credit from Silicon Valley Bank.