AltheaDx, Inc., a San Diego, CA-based commercial stage molecular diagnostics company specializing in the field of personalized medicine has raised $27 million in Series D funding. The company is a CAP-accredited, CLIA-certified laboratory and plans to utilize the funding to expands its sales force and marketing efforts to grow internationally.
IDgenetix, the company’s product testing portfolio, enables personalized therapeutic decisions for patients suffering from some of the most prevalent clinical conditions in the United States, including cardiovascular disease, neuropsychiatric disorders and pain. Its proprietary algorithm-based bioinformatic platform and PGx product testing portfolio are intended to serve as a tool to assist healthcare providers in identifying optimal drugs for their patients as well as dosing guidelines based on a patient’s genetic make-up, current prescription regimen and other key factors.
IDgenetix is designed to enable healthcare providers to make timely and evidence-based decisions, which we believe can reduce the overall cost of patient care by reducing adverse events, optimizing patients’ overall therapeutic regimen and helping to achieve a faster therapeutic response.
These institutional healthcare providers require broad PGx testing capabilities to manage a large and diverse patient population, with patients often suffering from multiple clinical conditions. These customers often operate under fixed-fee-per-patient or fixed-fee-per-procedure arrangements and are searching for ways to improve clinical outcomes at the lowest possible cost. In addition, IDgenetix addresses the needs of physicians across multiple specialties, such as cardiologists, general practitioners, obstetricians and neurologists.
“This financing is an important milestone in the continued commercialization of our IDgenetix® offering and the growth of AltheaDx,” said Jorge Garces, President and Chief Executive Officer in a statement. “We now have strong clinical evidence further demonstrating the clinical utility of our testing in improving patient outcomes with clear health economic benefits and we will continue to work with payors to secure long-term reimbursement. This year will be an exciting and pivotal year for us.”