NEW YORK — MedGenome announced on Tuesday a $50 million investment that will be used to expand its geographic reach and product offerings.
The financing round was led by life sciences investor Novo Holdings, with additional investments from existing investors LeapFrog Investments and Sofina.
MedGenome, a genetic diagnostics, research, and data company with operations in South Asia and Foster City, California, said it plans to use the money to broaden its product offerings, improve the reach of its diagnostic services such as reproductive and oncology services, and enhance its bioinformatics and software-as-a-service offerings.
MedGenome's genetic testing services provide information used in drug discovery and clinical trials for treatments in areas of oncology, diabetes, ophthalmology, cardiology, and rare diseases. The company said it has administered more than 300,000 complex genetics tests and served more than 200,000 patients, and it obtains samples from about 4,000 hospitals and 10,000 physicians.
“The MedGenome team has built a model of accessibility across South Asia that delivers cutting-edge diagnostic tests, at the same global standard of quality as other market leaders, and at a fraction of the cost,” MedGenome CEO Mahesh Pratapneni said in a statement. “We’re thrilled to have the support of the leader in international life sciences investing behind us as we expand into new global markets and scale access to affordable and life-changing testing.”