NEW YORK – Geneoscopy announced today that it has raised $6.9 million in a Series A financing round.
The St. Louis-based startup will use the funding to develop its colorectal cancer (CRC) screening assay, which measures eukaryotic RNA isolated from epithelial cells in stool to diagnose CRC and advanced adenomas.
The financing round was led by Cultivation Capital and NT Investments. Lightchain Capital was also a significant investor in the round.
Following the financing round, Cultivation General Partner Bobby Sandage, Lightchain Managing Director Drew Dennison, and NT Investments' Najeeb Thomas are joining Geneoscopy's board of directors.
"Geneoscopy's research has shown that stool-derived eukaryotic RNA biomarkers are highly sensitive for both the presence of cancer and, more importantly, precancerous lesions," Sandage said in statement. "High sensitivity for precancerous lesions, or adenomas, is particularly important for CRC prevention."
"We are excited to work with our new partners to continue the development of our CRC screening test and other applications of our platform technology," Geneoscopy CEO Andrew Barnell said in a statement. "We appreciate their support of our mission to prevent avoidable health conditions from impacting the lives of patients."