Geneoscopy Raises Crazy Money
"Thank you to our investors for recognizing the importance and the unmet need for more precise, noninvasive colorectal cancer (CRC) screening options like ours. This Series B funding enables us to bring our RNA technology to the fight to prevent colorectal cancer," read a post published by Geneoscopy on Linkedin.
"Another big milestone for Geneoscopy in our fight to prevent colorectal cancer! Couldn't be more proud of this team!" said Geneoscopy co-founder, Andrew Barnell, in a post on LinkedIn.
Geneoscopy, a life sciences company focused on the development of diagnostic tests for gastrointestinal health has closed on Series B financing, raising a total of $105 million through a combination of debt and equity. The round was led by previous investors Lightchain Capital and NT Investments. Other investors in the round include Morningside Ventures, Labcorp, Cultivation Capital, BioGenerator Ventures, and Innovatus Capital Partners.
“We are extremely pleased to secure this financing with strong support from our previous and new investors. It reflects their confidence in our ability to address the significant unmet need within the colorectal cancer (CRC) screening market for a noninvasive means to not only accurately detect cancer at an early stage, but also advanced adenomas—pre-cancerous polyps that are most likely to become cancerous,” said Andrew Barnell, Geneoscopy’s co-founder and CEO.
“As positive momentum continues to build for our pivotal and ongoing 10,000-patient trial, the team remains focused on ensuring a successful launch of our noninvasive multifactor RNA colorectal cancer screening test as a meaningful advancement in the fight to prevent colorectal cancer. Moreover, we have already made exciting progress towards broadening our diagnostic portfolio to address additional unmet needs within gastrointestinal health.”
Unlike other noninvasive screening options that use DNA or blood-based biomarkers, Geneoscopy’s proprietary method analyzes RNA extracted from patient stool samples to provide the phenotypic and quantitative information necessary to accurately detect precancerous lesions. Early detection is critical as it allows these lesions to be removed and prevents progression to cancer.
The U.S. Food and Drug Administration (FDA) granted Geneoscopy’s test its Breakthrough Device Designation in January 2020.
“Geneoscopy’s multifactor RNA screening test shows great potential to provide increased sensitivity over current noninvasive screening methods to effectively and reliably detect both early-stage CRC and high-risk precancerous lesions, including advanced adenomas, which are a precursor in up to 70% of CRC cases,” said Jason Dinges of Morningside.
“We are pleased to join the other investors in this round and believe Geneoscopy’s novel diagnostic approach is poised to shift the standard of care for CRC screening, lower cancer incidence in average-risk patients, and holds great promise to improve the management of additional gastrointestinal diseases.”