Geneoscopy, a US-based developer of colorectal cancer diagnostics technology, has secured $105m in a series B equity and debt round featuring clinical laboratory network Labcorp.
Lightchain Capital and NT Investments co-led the round and were also joined by Morningside Ventures, Cultivation Capital, Innovatus Capital Partners and BioGenerator Ventures.
Founded in 2015, Geneoscopy is developing technology that analyses RNA from patient stool samples to detect pre-cancerous lesions. It was granted a breakthrough device designation from the US Food and Drug Administration in January 2020.
Proceeds from the round will be used to support work on the company’s screening platform in addition to commercialisation and the expansion of its product pipeline.
Cultivation Capital and NT Investments co-led Geneoscopy’s $6.9m series A round in October 2019 with participation from Lightchain Capital. That round came after public-private partnership Missouri Technology Corp and Billiken Angel Network invested $1m in 2018.
Andrew Barnell, Geneoscopy’s co-founder and CEO, said: “As positive momentum continues to build for our pivotal and ongoing 10,000-patient trial, the team remains focused on ensuring a successful launch of our non-invasive multifactor RNA colorectal cancer screening test as a meaningful advancement in the fight to prevent colorectal cancer.
“Moreover, we have already made exciting progress towards broadening our diagnostic portfolio to address additional unmet needs within gastrointestinal health.”
