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PGx Firm AssureRx Raises $12.5M in Series C Financing

NEW YORK (GenomeWeb News) – Pharmacogenomics firm AssureRx Health announced on Wednesday it has closed its Series C financing, raising $12.5 million.

The funding will go toward commercialization of its GeneSightRx Psychotropic and GeneSightRx ADHD tests as well as the development of new tests, the Mason, Ohio-based company said. AssureRx President and CEO James Burns added that the proceeds will be used to expand sales coverage, sponsor multiple clinical studies, and develop new products "to help accelerate our leadership position in psychiatric personalized medicine."

The round was led by new investor Four Rivers Group and existing investors Claremont Creek Ventures and Sequoia Capital. Other participants included existing investors Cincinnati Children's Hospital Medical Center; Mayo Clinic; CincyTech; and Allos Ventures; as well as new investors jVen Capital and Alafi Capital.

AssureRx's tests are targeted for neuropsychiatric patients. Its GeneSightRx technology uses DNA from a cheek swab to measure and analyze genetic variants to determine how a patient will respond to specific psychotropic medications.

"Our goal is to build the leading clinical informatics company providing pharmacogenomic and other treatment decision support products to help physicians individualize the treatment of patients with neuropsychiatric and other disorders," Burns said in a statement.

AssureRx raised $11 million in its Series B financing round a year ago. Earlier this year, the firm secured an $8 million credit facility to increase commercialization of the GeneSightRx technology.

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