Assurex Health, Inc., a commercial-stage, informatics-based precision medicine company providing treatment decision support to healthcare providers for behavioral health and chronic pain conditions, has secured an additional $15 million in equity funding.
Assurex Health’s proprietary technology is based on pharmacogenomics— the study of the genetic factors that influence an individual’s response to drug treatments—as well as evidence-based medicine and clinical pharmacology. The GeneSight test was developed in the Assurex Health clinical laboratory and is based on patented technology licensed from two world renowned medical centers, Mayo Clinic and Cincinnati Children’s Hospital Medical Center, who continue to be research collaborators.
The new financing follows the recent announcement regarding a significant enhancement to the GeneSight Psychotropic test, now the most comprehensive neuropsychiatric pharmacogenomics test available. The test gives healthcare providers an expanded range of options in helping to make medication decisions for patients suffering from depression, anxiety, bipolar disorder, posttraumatic stress disorder (PTSD), schizophrenia, and other behavioral health conditions.
GeneSight Use, Acceptance Growing
Powered by CPGx™, a proprietary combinatorial pharmacogenomics technology, the GeneSight test measures multiple genomic variants for each patient and weights them together – rather than one at a time – to provide comprehensive genetically-driven information for each medication for each patient. In clinical studies, GeneSight has proven to more than double a patient’s likelihood of response to medications and reduce healthcare costs by more than $2,500 per patient per year.
More than 14,000 healthcare providers have used GeneSight to help make treatment decisions for over 230,000 patients across the country. More and more health insurance plans are covering GeneSight including Geisinger Health Plan, Tufts Health Plan and Fallon Community Health Plan, each of whom recently agreed to coverage for Medicare Advantage patients. They join over 80 other payors who have committed to GeneSight coverage, including Medicare and the U.S. Department of Veterans Affairs, which together cover over 70 million Americans.
Assurex Health is the only company in the category with multiple peer-reviewed, published studies that demonstrate the clinical validity and clinical utility of its technology, including its substantial healthcare cost savings benefit.