Genome Medical, a genomic care delivery company, today announced that it will acquire GeneMatters, a telehealth genetic counseling and software solutions company. The company also announced the closing of a $60 million Series C financing to accelerate commercial traction and advance its mission to advance genomic medicine.
“The addition of GeneMatters, along with our Series C financing, propels us into the next phase of commercial growth and enables us to realize the genome-driven personalization of health,” said Lisa Alderson, co-founder and CEO of Genome Medical. “The genomic medicine industry is primed with testing capabilities and novel therapeutics; now is clearly the moment for Genome Medical to deliver expanded availability of genomic medicine for patients and providers.” Genome Medical will use the financing proceeds to expand its team and further enhance the development of its configurable technology solutions to provide innovative and efficient genomic medicine programs.
Eli Casdin is the one of the most astute synthetic biology investors today. Casdin is the Chief Investment Officer and founder of Casdin Capital. For the last 20 years he has analyzed and invested in disruptive technologies and business models in life sciences and healthcare. Prior to founding Casdin Capital, Mr. Casdin was a vice president at Alliance Bernstein in its “thematic” based investment group where he researched and invested in the implications of new technologies for the life science and healthcare sectors. His Alliance Bernstein black book, “The Dawn of Molecular Medicine” detailed the early yet already accelerating wave of innovations in life sciences, and the next wave of investment opportunities. Casdin Capital manages nearly $4 billion, investing in early stage companies: private, public and SPACs. He recently commented about the industry, “I want to break each investment down into its components: management team, market opportunity, return profile, risks, catalyst strength. Turn qualitative insights into quantitative factors.”
According to the company, it will continue to build out its full suite of physician services, test ordering capabilities and guidelines-based care plans for patients. The Series C round was led by Casdin Capital, a leading long-term investor in life sciences and genomics, and was joined by new investors GV (formerly Google Ventures) and Amgen Ventures. Existing investors also participated, including Perceptive Advisors, Canaan Partners, Kaiser Permanente Ventures, Illumina Ventures, LRVHealth, Echo Health Ventures, Revelation Partners, HealthInvest Equity Partners, Avestria Ventures, Flywheel Ventures, Dreamers Fund and Blue Ivy Ventures.
In connection with the financing, the Genome Medical Board of Directors will be joined by Eli Casdin, founder and chief investment officer at Casdin Capital; Shaun Rodriguez, director of life science research at Casdin Capital; and Jill Davies, co-founder and president of GeneMatters. Anthony Philippakis, M.D., Ph.D., venture partner at GV, will join the board as an observer. “We feel fortunate to have been in the unique position to facilitate this strategic combination of two strong genomic health providers and Casdin portfolio companies,” Eli Casdin said.
Together, Genome Medical and GeneMatters represent expanded technology solutions and clinical expertise to better meet the growing need for genomic medicine across health and wellness. GeneMatters will operate as a wholly owned subsidiary of Genome Medical Holding Company, with a focus on expanding the delivery of genetic services to community health systems and other partners. “The mission of GeneMatters from day one has been to increase patient access to genetic services and to support patient decision-making,” said GeneMatters’ Davies. “Joining the Genome Medical family allows for expanded capabilities, broader reach and ultimately more patients and providers being served. We are thrilled to be joining forces with this talented team that shares our mission, vision and passion for patient care.”
Genome Medical Raises C Round Led By Casdin, Acquires Telehealth Genetic Counseling Company was last modified: August 31st, 2021 by