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NextGxDx Adds $2.2M to Series B Financing

NEW YORK (GenomeWeb) – Genetic testing information company NextGxDx closed on an additional $2.23 million in the second tranche of its Series B financing round, bringing the total amount raised in the round to more than $5 million, the company told GenomeWeb Daily News today.

The Nashville, Tenn.-based firm disclosed the $2.23 million financing in a document filed with the US Securities and Exchange Commission on Tuesday. Through a spokesperson, NexGxDx said the proceeds will go toward moving the company into the hospital laboratory referral testing market. Voyent Partners and the Nashville Capital Network were investors in the tranche.

The firm completed its initial tranche of the Series B round in March. NextGxDx previously raised $1 million in March 2013.

The company's first product is GeneSource, an online platform that allows physicians and other healthcare professionals to learn more about and compare genetic tests offered by more than 200 CLIA-certified laboratories. NextGxDx's hospital product called GeneConnect is a utilization management solution to build and manage a genetic testing formulary. The company said that the tool, which leverages GeneSource's database, can lower the costs and address the workflow inefficiencies associated with genetic test ordering.