NEW YORK (GenomeWeb) – Assurex Health announced today that it has secured $15 million in equity financing from Series D investors.
Investors included existing shareholders Sequoia Capital, Claremont Creek Ventures, Cincinnati Children’s Hospital Medical Center, Mayo Clinic, and Cross Creek Advisors, among others.
According to Assurex, the successful investment round shows that the company's shareholders continue to support its GeneSight pharmacogenetic tests, which help doctors identify the right medications for pain, psychiatric conditions, and attention deficit hyperactivity disorder. “We are pleased this round of funding was led by existing shareholders,” Assurex CEO Virginia Drosos said in a statement. “Each investor has a proven track record, knows us well and is committed to support our ongoing growth and mission.”
The company highlighted studies that show that when doctors use GeneSight, it doubles the chance that patients will respond to prescribed drugs and saves $2,500 per patient per year. According to Assurex, 14,000 healthcare providers have used GeneSight to personalize treatment decisions for 230,000 patients. More than 80 health insurers cover the test, including Medicare and the US Department of Veterans Affairs.