AltheaDx, a US-based pharmacogenetics technology developer backed by pharmaceutical research company WuXi PharmaTech, received $27m in series D funding from undisclosed investors yesterday.
Founded in 2008, AltheaDx is working on a molecular diagnostics platform called IDgenetix that will help care providers choose the right drugs and dosages for patients based on their genetic profile.
The funding will be used to grow the company’s sales team and strengthen its marketing capabilities as it looks to secure partners for global expansion.
AltheaDx secured $30m in a 2015 series C round that included both WuXi PharmaTech and its affiliated venture capital firm WuXi Healthcare Ventures as well as Ally Bridge and Alma Life Sciences. It had previously raised $11m according to securities filings.
Jorge Garces, president and CEO of AltheaDx, said: “This financing is an important milestone in the continued commercialisation of our IDgenetix offering and the growth of AltheaDx.
“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 payers to secure long-term reimbursement. This year will be an exciting and pivotal year for us.”