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AltheaDx Closes $27M Series D Round

NEW YORK (GenomeWeb) – Pharmacogenomic testing firm AltheaDx announced today that it has closed a $27 million Series D financing round.

AltheaDx sells a portfolio of tests — marketed under the IDgenetix brand name — that analyze genes involved in the metabolism and pharmacological activity of drugs, to provide clinicians with information about the functionality of metabolic enzymes and biological drug targets for a specific patient.

The company said that it intends to use the proceeds of the financing for operating capital. It is expanding its sales force and marketing efforts following the successful completion of a pivotal neuropsychiatric clinical trial for which it is awaiting a local coverage determination from the Centers for Medicare and Medicaid Services. AltheaDx added that it is also in discussions with various partners about expanding internationally.

"This financing is an important milestone in the continued commercialization of our IDgenetix offering and the growth of AltheaDx," President and CEO Jorge Garces said 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."

The Series D round comes just a few months after AltheaDx closed a $30 million Series C financing, and a little more than a year after the firm scuttled a planned initial public offering.