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Genomind Completes $11M in Financing

NEW YORK (360Dx) – Mental health genetic testing firm Genomind announced today it raised $11 million in financing.

Investors in the financing include existing shareholders as well as Silicon Valley Bank. The money will be used to expand the firm, Genomind said.

The company specializes in pharmacogenetic testing for psychiatry and offers the Genecept assay to help clinicians choose the most appropriate medication for patients with mental health conditions such as depression, anxiety, obsessive-compulsive disorder, attention deficit hyperactivity disorder, autism, schizophrenia, and others. The test, administered with a cheek swab, identifies genetic markers that indicate which treatments are likely to work as intended, have no effect, or may have adverse effects.

To date, more than 85,000 patients have received results from Genecept, Genomind added.

"This financing will further fuel Genomind's expansion," Genomind President and CEO Michael Koffler said in a statement. "We hear all the time from clinicians, patients, and mental health advocates that genetic testing can help those facing a mental health challenge get better, faster."

The company also raised $6 million in September 2015.