The financing was led by Casdin Capital, with participation from GV, Amgen Ventures, Perceptive Advisors and other life sciences investors
Genome Medical to buy GeneMatters. (Credit: Furiosa-L from Pixabay.)
Genome Medical, a genomics technology, services provider, has unveiled its plans to acquire GeneMatters, a US-based genetic counselling and software solutions firm.
With the acquisition, the companies are expected to jointly expand the technology solutions and clinical expertise to address the growing need for genomic medicine.
Upon closing of the deal, GeneMatters will operate as a wholly-owned subsidiary of Genome Medical, to focus on expanding the delivery of genetic services to health systems and other partners.
Genome Medical claimed that it advances the adoption of genetic services and genomic medicine, by combining advanced technology-enabled solutions with clinical expertise.
Also, the company has closed a $60m Series C financing to accelerate commercial traction and advance its mission of transforming health care for all through genomic medicine.
Genome Medical intends to use the funds to expand its team and enhance the development of its technology solutions to support advanced genomic medicine programmes.
Also, the company will build out its full suite of physician services, test ordering capabilities and guidelines-based care plans to ensure comprehensive, seamless care for patients.
The Series C funding round, led by Casdin Capital, has also seen participation from new investors GV (Google Ventures) and Amgen Ventures alongside existing investors.
Genome Medical co-founder and CEO Lisa Alderson said: “The addition of GeneMatters, along with our Series C financing, propels us into the next phase of commercial growth and enables us to realise the genome-driven personalisation of health.
“The genomic medicine industry is primed with testing capabilities and novel therapeutics; now is clearly the moment for Genome Medical to deliver expanded availability of genomic medicine for patients and providers.”
In relation to the financing, Casdin Capital founder and chief investment officer Eli Casdin; and life science research director Shaun Rodriguez will join the Genome Medical Board of Directors.
Also, GeneMatters co-founder and president Jill Davies will join the board of directors; and GV venture partner Anthony Philippakis will join the board as an observer.
GeneMatters Davies said: “The mission of GeneMatters from day one has been to increase patient access to genetic services and to support patient decision-making.
“Joining the Genome Medical family allows for expanded capabilities; broader reach and ultimately more patients and providers being served. We are thrilled to be joining forces with this talented team that shares our mission, vision and passion for patient care.”
Genome Medical said that its strategic moves are expected to strengthen its position as a technology-enabled provider of genetic health services and genomic insights.