NEW YORK – Geneoscopy announced Wednesday that it has closed a $105 million Series C funding round. The round was led by Bio-Rad Laboratories and will support the launch of Geneoscopy's noninvasive colorectal cancer screening test, the firms said in a joint statement.
Other participants in the financing included Petrichor, Laboratory Corporation of America, Morningside Ventures, Lightchain Capital, NT Investments, Granger Management/Mercy Health, and Tri Locum Partners.
St. Louis-based Geneoscopy aims to use the funds to launch its colorectal cancer screening test, called ColoSense, which uses Bio-Rad's Droplet Digital PCR to detect RNA biomarkers in stool samples collected at home. Geneoscopy will also collaborate with Labcorp to more broadly disseminate ColoSense, enabling healthcare providers to order the test as part of screening programs.
ColoSense received US Food and Drug Administration approval in May and can be used to screen for colorectal cancer and advanced adenomas for average-risk individuals over the age of 45.
The United States Preventive Services Task Force lowered the recommended age for initial colorectal cancer screening to 45 years in 2021, in response to rising incidence rates among people under age 50.
Geneoscopy CEO and Cofounder Andrew Barnell said in a statement that the new financing reflects investor confidence in the potential of the firm's RNA technology to address unmet needs in colorectal cancer and inflammatory bowel disease. "This continued support will enable us to deliver innovative solutions that prioritize patient well-being and shape the future of gastrointestinal health," Barnell said. The company said it will also use the new funding to further develop its pipeline of diagnostic tests for inflammatory bowel disease.
Bio-Rad CEO Norman Schwartz noted that his firm's investment is also anticipated to advance its Droplet Digital PCR platform as a foundational technology for oncology applications across the clinical diagnostics and translational research markets. "Geneoscopy's ColoSense screening test is designed for use with Bio-Rad's QXDx ddPCR platform and demonstrates remarkable sensitivity in detecting colorectal cancer and advanced adenomas," he noted.
Geneoscopy is currently involved in litigation with Exact Sciences over intellectual property related to colon cancer screening tests.