A Manchester genetics testing company has raised £3.4m in its latest funding round, which will enable it to expand into the US.
Gen inCode specialises in risk assessment and prediction of cardiovascular disease, and the funding round saw £1.5m investment from private equity managers Maven Capital Partners, as well as other institutional investors and shareholders.
Gen inCode has developed a range of patented DNA risk assessment products which utilise AI, bioinformatics and a globally recognised clinical evidence base to provide predictive analysis of a patient’s health risk.
The St Peter's Square-based company is now looking to ramp up growth, and overseas expansion.
Matthew Walls, chairman and CEO 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.”
Gen inCode uses algorithms to predict the probability of adverse events, resulting in a risk evaluation providing insights into a patient’s susceptibility to disease and results "that empower patients to take steps to reduce their risk".
The firm's advanced clinical diagnostic tests cover major global disease areas such as cardiovascular, cancer and diabetes.
Its solutions are enabling healthcare practitioners to identify high risk patients and develop targeted treatment and prevention plans, aimed at helping transform healthcare delivery reduce costs and improve patient outcomes.
Gen inCode was founded in 2018, acquiring the assets of the Ferrer inCode and the Gendiag.exe businesses, then part of Ferrer, a large Spanish pharmaceutical and healthcare company.
The business has built up a strong IP portfolio and today’s funding will enable the business to expand overseas, particularly in the US, capitalising on the growth in emerging precision medicine market.
Stella Panu, partner at Maven, said: “Gen inCode represents a fantastic opportunity for Maven to support a truly innovative business which is utilising AI and bioinformatics in order to enable medical practitioners to make more proactive, precise and impactful decisions on how they treat their patients.
"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.”
