Biomagnetic imaging firm Genetesis raises $7.5m financing

Genetesis, a medical device firm engaged in the development of biomagnetic imaging, has secured $7.5m to advance the development of new imaging tool, which helps clinicians in screening of chest pain.

The company has secured series A financing under the round led by CincyTech, and participants include existing investors such as Mark Cuban’s Radical Investments and new investors such as Ohio Innovation Fund and Raptor Group.

Genetesis will use the funding to build and install additional CardioFlux systems, as well as launch new clinical trials and prepare for commercial launch.

Genetesis co-founder and CEO Peeyush Shrivastava said: “We reached a milestone this year with the conclusion of a 100-patient, double blinded clinical study at St. John Hospital. Our team is encouraged by the findings from that study, which will ultimately be published in peer-reviewed journals.

“Our goal is to give clinicians an accurate and easy-to-operate tool, which will spare patients and hospitals the discomfort and expense of invasive and lengthy testing.”

The CardioFlux magnetocardiograph (MCG) is a non-invasive system, which needs no patient exposure to radiation or exercise during the procedure. It will be used to non-invasively measure and display he magnetic signals produced by the electric currents in the heart.

The system is a biomagnetic imaging tool composed of compact magnetic shielding and dense array of 36 highly sensitive magnetometers.

Genetesis uses biomagnetic imaging in combination with advanced software to detect the presence of ischemic cardiac tissue with an easy 60-90 second scan.

The company will exhibit the technology at this year’s American College of Emergency Physicians and American Heart Association Scientific Sessions.

CincyTech life sciences director and Genetesis chairman Dr John Rice said: “This financing represents further investor validation of Genetesis’ disruptive biomagnetic imaging technology and of CincyTech’s model of backing dynamic companies which can attract capital from our community and nationwide.”