Silicon Valley Bank Financing Follows Earlier Series B Equity Financing
“We are delighted to have an opportunity to work with AssureRx as it provides much needed guidance in selecting appropriate medications for patients. AssureRx is helping to reduce the ‘trial and error’ prescribing that so many patients are subjected to, which will help towards the goal of reducing healthcare costs,” said Jay McNeil, Managing Director of Silicon Valley Bank’s Midwest Life Science Practice.
Claremont Creek Ventures and Sequoia Capital led the Series B financing in March 2011 to expand AssureRx Health’s commercial organization for its first product, GeneSightRx, and to accelerate a series of new products scheduled for launch in 2012. AssureRx Health has since expanded nationally and plans to substantially increase the size of its sales force in 2012.
“AssureRx Health has enormous potential to lead the transformation of neuropsychiatric care toward individualized patient treatment,” said John Steuart, managing director of Claremont Creek Ventures. “We look forward to working with Silicon Valley Bank to provide AssureRx Health with the growth capital to meet the Company’s rapidly expanding business.”
GeneSight is a laboratory developed pharmacogenomic test that uses cutting edge technology to measure and analyze clinically important genomic variants in the treatment of psychiatric disorders. The results of the GeneSight report can help a clinician understand the way a patient’s unique genomic makeup may affect certain psychiatric drugs. The analysis is based on pharmacogenomics, the study of genomic factors that influence an individual’s response to drug treatments, FDA approved manufacturer’s drug labels, peer-reviewed scientific and clinical publications, and proven drug pharmacology. Quick turnaround time, combined with a customized report of the patient’s genomic makeup, clinical experience and other factors can help a physician make personalized drug treatment choices for each patient.
About AssureRx Health, Inc.
AssureRx Health, Inc. is a personalized medicine company that specializes in pharmacogenomics dedicated to helping physicians determine the right drug for individual patients suffering from neuropsychiatric and other disorders. The company was founded to commercialize industry-leading personalized medicine technology for neuropsychiatric disorders. Mayo Clinic and Cincinnati Children’s Hospital Medical Center are equity holders and technology collaborators.