- Geneoscopy, a life sciences company that is focused on the development of diagnostic tests for gastrointestinal health, announced that it raised an oversubscribed $6.9 million Series A round of funding
Geneoscopy — a life sciences company that is focused on the development of diagnostic tests for gastrointestinal (GI) health — announced recently that it raised an oversubscribed $6.9 million Series A round of funding.
“We are excited to work with our new partners to continue the development of our CRC screening test and other applications of our platform technology,” said Andrew Barnell, CEO of Geneoscopy, “and we appreciate their support of our mission to prevent avoidable health conditions from impacting the lives of patients.”
This round of funding was led by Cultivation Capital and NT Investments. Lightchain Capital LLC — the family office of Scottrade founder Rodger Riney — was also a significant investor in the round. And following the financing, Bobby W Sandage, Jr., PhD (Cultivation Capital), Najeeb Thomas (NT Investments), and Drew Dennison (Lightchain Capital LLC) are joining the company’s Board of Directors.
“While colorectal cancer is the second deadliest cancer, it’s very treatable if detected in its earliest stages and preventable if detected as a precancerous lesion,” added Najeeb. “Better noninvasive screening tests are needed to improve compliance rates and lower CRC mortality rates.”
With the funding round, Geneoscopy plans to use the proceeds from this financing to advance its colorectal cancer (CRC) screening test — which quantifies eukaryotic RNA isolated from epithelial cells in stool to detect CRC and advanced adenomas.
“Geneoscopy’s research has shown that stool-derived eukaryotic RNA biomarkers are highly sensitive for both the presence of cancer and, more importantly, precancerous lesions,” explained Sandage. “High sensitivity for precancerous lesions, or adenomas, is particularly important for colorectal cancer prevention, which is the primary goal of colorectal cancer screening.”