Next-generation biomagnetic imaging company Genetesis has announced that it has closed $17.5 million in Series C financing.
The financing will enable Genetesis to obtain FDA De Novo approval, launch a new series of clinical trials and commercialise and launch its biomagnetic systems globally across a variety of care settings.
The round was led by Mithril Capital with participation from Cercano Management as well as from existing investors, bringing the company’s total funding to over $40 million.
Genetesis has entered the final month of primary enrolment in the ACCMED trial, which includes participation from Cleveland Clinic, Ascension St. John, Wake Forest Baptist Health and Beaumont Royal Oak Hospital.
Genetesis and its partnering centres anticipates that the ACCMED trial will demonstrate magnetocardiography to be a paradigm shift in cardiac imaging as both an efficient and patient-centric solution for the identification of ischemic heart disease – especially as it compares to today’s standard of cardiac care.
Ajay Royan, Managing General Partner and Co-founder of Mithril Capital, said:
“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.
“Millions of Americans and their clinicians stand to benefit from CardioFlux’s goal of an accurate, noninvasive, five-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.”
The CardioFlux platform leverages magnetocardiography, offering patients a rapid scan without the use of any radiation, contrast, or exercise.
The platform was cleared by FDA in 2019 and obtained FDA Breakthrough Device Designation in December 2020.
Over the past few years, CardioFlux has been clinically investigated in hundreds of patients with suspected acute and chronic coronary syndromes – as well as in patients with confirmed coronary microvascular dysfunction.
Peeyush Shrivastava, co-founder and CEO of Genetesis, said:
“We have made it our mission to manifest the convergence of computing, sensing and medical imaging to deliver the world’s most cost-effective and patient-centric solution for cardiovascular disease.
“We now have data from hundreds of patients, both in the acute care and outpatient settings, demonstrating the breakthrough value of our CardioFlux diagnostic platform.
“We are thrilled to welcome our new investors and greatly appreciate the continued support of our returning investors as we work to make CardioFlux available across the globe.”
