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Genomind Raises $6M in Funding Round

NEW YORK (GenomeWeb) – Mental health-focused genetic testing firm Genomind today said that it closed a $6 million funding round.

The latest investment bid was led by Claritas Capital, which led a $5 million financing round for Genomind in April 2014.

In a statement, Genomind said it plans to use the infusion of funds to grow the firm, conduct multisite randomized trials for the Genecept Assay pharmacogenetic service, and develop a new, expanded test offering. 

Genecept analyzes a panel of genes associated with mental health patients' ability to respond to drugs for depression, anxiety, ADHD, bipolar disorder, PTSD and schizophrenia. Researchers from Genomind last year published a cost-effectiveness study which found that using the Genecept Assay to guide treatment decisions made patients more adherent to medications, which increased pharmacy costs but lowered total medical outpatient services costs, compared to controls.