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AltheaDx Closes $30M Series C Financing Round

NEW YORK (GenomeWeb) – Pharmacogenomic testing firm AltheaDx today announced it has raised $30 million in Series C financing.

WuXi Healthcare Ventures led the round, joined by WuXi PharmaTech, Ally Bridge Group, and Alma Life Sciences.

AltheaDx said it would use the funds for prospective trials for its IDgenetix test portfolio, product enhancements, and other growth opportunities.

The firm's IDgenetix tests incorporate a patient's relevant drug metabolism-related genetic markers, among other factors, to identify appropriate therapies. "This investment allows the company to position IDgenetix as a leading clinically relevant tool in therapeutic decision making," AltheaDx CEO Greg Hamilton said in a statement.

AltheaDx has pharmacogenomic tests for cardiovascular, psychiatric, and thrombophilia-related disorders. The firm has a CAP-accredited and CLIA-certified laboratory in San Diego, where it is based.

The funding comes several months after AltheaDx backed away from a $74.3 million proposed initial public offering. It proposed the IPO in January, but withdrew it in March.