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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.

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