Genetesis recently announced that it has raised $17.5 million in a Series C round to further support its next-generation biomagnetic imaging technology.
Mithril Capital led the new round. There was also participation from Cercano Management and existing investors, including JobsOhio Growth Capital, Ohio Innovation Fund and CincyTech.
This investment brings the Mason, Ohio–based company’s total funding to over $40 million.
The financing will support the company in obtaining FDA de novo approval. There are plans for a new series of clinical trials. In addition, Genetesis seeks to commercialize and launch its biomagnetic systems globally across various care settings.
Clinical trial moving forward
Genetesis is entering the final month of primary enrollment in its ACCMED trial. The trial includes participation from Cleveland Clinic, Ascension St. John, Wake Forest Baptist Health, and Beaumont Royal Oak Hospital.
The company and its research partners think the ACCMED trial will demonstrate magnetocardiography as a paradigm shift in cardiac imaging. They suspect the technique could prove an efficient and patient-centric way to identify ischemic heart disease.
The company’s CardioFlux platform offers patients a rapid scan without any radiation, contrast, or exercise. The U.S. FDA cleared CardioFlux in 2019 and granted it a breakthrough device designation in December 2020.
“The team at Genetesis is pioneering a new era for medical imaging with an initial focus that is truly revolutionary for cardiovascular health. With the promise of enabling clinicians to quickly diagnose cardiovascular dysfunction in a non-invasive fashion, CardioFlux will be instrumental in fighting the leading cause of death around the globe,” said Ajay Royan, managing general partner and co-founder of Mithril Capital.
“Millions of Americans and their clinicians stand to benefit from CardioFlux’s goal of an accurate, noninvasive, 5-minute frontline cardiac assessment that entails no pharmaceuticals, no exercise, and no radiation. We are thrilled to partner with Genetesis at this exciting stage of development,” Royan said in a news release posted Oct. 6.