Skip to main content
Premium Trial:

Request an Annual Quote

Genomenon Raises $2.5M in Equity Financing Round

This article has been updated to reflect the total amount of genomic variants the Mastermind engine is able to index. 

NEW YORK (GenomeWeb) – Genomenon announced today that it has raised $2.5 million in an equity financing round, in a move to expand its reach with clinical diagnostic labs, and biotech and pharmaceutical firms.

Investors in the equity round included IrishAngels and H.W. Kaufman Group, in addition to Genomenon's earlier investors. The firm said it planned to raise $2 million, and the round was oversubscribed because of strong investor interest.

The Ann Arbor, Michigan-based company said it will spend the funds on new marketing efforts and on increasing the size of its sales team to handle growing customer demand.

Genomenon's Mastermind Genomic Search Engine allows clinicians to index nearly 5 million genomic variants from data found in scientific publications. The firm believes the tool will help doctors provide faster and better treatment decisions for patients with rare diseases and cancer.

"We've seen strong demand from clinical labs desiring to accelerate their genomic interpretation process, and from pharmaceutical companies who want to license the data," Genomenon CEO Mike Klein said in a statement. "Mastermind is eliminating the variant interpretation bottleneck for clinical labs and providing pharma and biotech companies with a comprehensive genomic landscape in order to identify genomic biomarkers for drug discovery and clinical trials."

In October 2018, Genomenon partnered with GenomOncology to incorporate the Mastermind search engine into GenomOncology's molecular tumor board software.

The Scan

Breast Cancer Risk Related to Pathogenic BRCA1 Mutation May Be Modified by Repeats

Several variable number tandem repeats appear to impact breast cancer risk and age at diagnosis in almost 350 individuals carrying a risky Ashkenazi Jewish BRCA1 founder mutation.

Study Explores Animated Digital Message Approach to Communicate Genetic Test Results to Family Members

In the Journal of Genetic Counseling, the approach showed promise in participants presented with a hypothetical scenario related to a familial hereditary breast and ovarian cancer syndrome diagnosis.

Computational Tool Predicts Mammalian Messenger RNA Degradation Rates

A tool called Saluki, trained with mouse and human messenger RNA data, appears to improve mRNA half-life predictions by taking RNA and genetic features into account, a Genome Biology paper reports.

UK Pilot Study Suggests Digital Pathway May Expand BRCA Testing in Breast Cancer

A randomized pilot study in the Journal of Medical Genetics points to similar outcomes for breast cancer patients receiving germline BRCA testing through fully digital or partially digital testing pathways.