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MedGenome Raises $55M From Investors

NEW YORK – MedGenome announced on Wednesday that it has received an investment of $55 million.

The genetic diagnostics, research, and data company — which focuses on expanding access to genetic testing for populations in South Asia and other emerging markets — said it will use the funding to expand its clinical genomic testing efforts into additional towns and cities in India, and to accelerate its drug discovery programs.

"Genomics and personalized medicine are the future of healthcare, but emerging markets remain significantly underpenetrated," MedGenome Founder and CEO Sam Santhosh said in a statement. "As the largest player in India in applied genomics, we are well-positioned to fill this gap."

MedGenome has built a large database of South Asian genetic variants through its research partnerships and work as a co-founding member of the GenomeAsia 100K initiative, as well as through its use of genetic diagnostics in India. The company said it has completed more than 200,000 genomic tests to date and has obtained samples from more than 550 hospitals and 6,000 clinicians across India.

The funding round was led by LeapFrog Investments. Existing investors Sofina and Sequoia also participated.

The company completed a $40 million Series C fundraising round with an investment by Indian financial services companies HDFC, HDFC Life, and HDFC Asset Management in March 2018. Last December, it partnered with Thermo Fisher Scientific to genotype hundreds of thousands of South Asian cohorts using a custom genotyping array, with the aim of using the array to inform new consumer and clinical tests, while also making it available for research.