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Assurex Secures $25M Credit Facility, Nabs $7M Investment

NEW YORK (GenomeWeb) – Neuropsychiatric molecular diagnostics firm Assurex today said that it has secured a $25 million credit facility and $7 million in investments.

The funds will be used to increase clinical adoption of the Mason, Ohio-based firm's GeneSight products.

GE Capital, Healthcare Financial Services, acting as the agent, and Silicon Valley Bank financed the credit facility. Participants in the $7 million investment included Sequoia Capital, Claremont Creek Ventures, Mayo Clinic, Cincinnati Children's Hospital Medical Center, CincyTech, Allos Ventures, Four Rivers Partners, Danmar Capital, and jVen Capital.

Assurex's GeneSight technology measures and analyzes genomic variants that can affect a patient's response to behavioral health medications. Among the tests in the GeneSight portfolio is GeneSight Psychotropic for gauging response to antidepressant and antipsychotic medications; GeneSight MTHFR to help clinicians determine whether a patient may need additional folic acid supplementation; GeneSight ADHD for predicting response to ADHD medications; and GeneSight Analgesic for predicting response to opioid medications.