Genome Medical Raises $14M in Series B Financing

Genome Medical Raises $14M in Series B Financing
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Telehealth-focused genomic technology and precision health company Genome Medical announced today it raised $14 million in a Series B offering led by Samsung Catalyst Fund, with additional participation by existing investors. The company says it will use the funds to “expand its patient engagement and care navigation platform for cancer, reproductive health and pharmacogenomics to bring the benefits of genomic medicine to a wider U.S. population.”

With this most recent tranche, Genome Medical has now raised $60 million since its founding in 2016.

“The global COVID-19 pandemic and its health care impact are creating an unprecedented need for telehealth solutions,” said Lisa Alderson, Genome Medical CEO and co-founder in a press release. “As a nationwide telehealth medical practice, Genome Medical is able to meet this need by expanding access to standard-of-care genetics and genomics through virtual health services—reaching people everywhere in a timely and safe manner.”

Since its founding, the company has largely taken a teleconferencing approach to providing genetic counseling in conjunction with genetic testing services. Genome Medical has upped its investment in genomic medicine over the time and earlier this year made a significant commitment in this area by bringing on three key managers from Geisinger’s population health program MyCode, including noted geneticist Hunt Willard.

The company’s intent is to accelerate the adoption of precision medicine into routine clinical care for cancer, chronic diseases, reproductive health and genetic disorders. “The inherent promise (of precision medicine) remains largely anchored under the notion we can deliver more efficacious medicine and at lower cost,” Alderson told Clinical OMICs. “That means at a population level, if we can detect disease earlier, intervene earlier, navigate patients to the right treatment faster, and reduce adverse drug response, we will improve health.”

To accomplish this, Genome Medical works with health systems, hospitals, payors, providers, and employers to expand access to its genetic health services. The company also provides services to individual patients and accepts self-referral patients. According to the company, roughly 17% of people carry disease-related genetic mutations for which there are treatment or preventive options available today. It provides services in six clinical areas: cancer, cardiovascular disease, reproductive health, pediatric genetics, pharmacogenomics and proactive health management.

The company’s Genome Care Delivery platform delivers education, engagement and provider-to-provider e-consults, genetic wellness assessments, and screening for population health programs. The outcomes from this platform promise to make genomic medicine more affordable and accessible by providing up-to-date research and data-driven expertise. This includes a proprietary database to securely collect data on genomic profiles, electronic medical records, family health history, and clinical insights.

“Personalized medicine is the future of care, but too many health systems are not able to provide these critical services,” said Francis Ho, senior vice president and managing director, Samsung Catalyst Fund. “When more patients and providers have access to cutting-edge genomic health technologies and expertise, we can save lives and improve health outcomes. The data and knowledge base built by Genome Medical will spur more innovation and help us focus on preventive methods for treating illnesses and new diseases. Samsung is excited to be a part of this journey.”