Gen inCode, a genetic testing business specialising in the risk assessment and prediction of cardiovascular disease, has raised funding of £3.4 million.
£1.5 million of the funding was provided by private equity and property manager Maven Capital Partners, with the rest supplyed by another institutional investor and existing private shareholders.
Gen inCode has developed a range of patented DNA risk assessment products which utilise artificial information, bioinformatics and a clinical evidence base to provide predictive analysis of a patient’s health risk. Proprietary algorithms are used to predict the probability of adverse events, resulting in a comprehensive risk evaluation that provides key insights into a patient’s susceptibility to disease and clinically actionable results that empower patients to take steps to reduce their risk.
Gen inCode’s clinical diagnostic tests cover major global disease areas such as cardiovascular, cancer and diabetes. Its solutions enable healthcare practitioners to identify high-risk patients and develop targeted treatment and prevention plans.
Gen inCode was founded in 2018, acquiring the assets of the Ferrer inCode and Gendiag.exe businesses, then part of Ferrer, a large Spanish pharmaceutical and healthcare company.
The business stated that it has built up a strong intellectual property portfolio and that the new funding will enable it to expand overseas, particularly in the US, capitalising on the growth in the emerging precision medicine market.
Matthew Walls, chairman and chief executive of Gen inCode said: “We are delighted to complete the institutional round of funding and welcome our new institutional investors. The funding will prepare the company for accelerated growth and international scale and supports our regulatory and clinical pathway into the US market. We look forward to advising the market on our progress and further milestones in due course.”
Stella Panu, partner at Maven Capital Partners, said: “The precision medicine market is an exciting space and we believe Gen inCode is well positioned to grow, leveraging its advanced genomic technology and the valuable IP it has amassed to date. We look forward to working with the senior management team to fulfil the company’s potential.”
Date published: August 28, 2020