AssureRx Health raises $11 million series B financing

AssureRx, a Mason-based personalized medicine company, has just closed on an $11 million Series B round of financing.

The company, founded in 2006, was formed to license and commercialize personalized medicine technology research from Cincinnati Children's Hospital Medical Center and Mayo Clinic.

Claremont Creek Ventures and Sequoia Capital led the round, which included existing investors Cincinnati Children's, Mayo Clinic and CincyTech. A new investor has joined as well, Allos Ventures.

AssureRx is developing next-generation medicines, recently bringing to market its first product GeneSightRx, a test that measures and analyzes genetic variants in psychiatric medicine - in other words, how individuals respond to the drugs they get. The test, administered through a cheek swab will help doctors determine the appropriate drug and dosage for each patient's individual needs, which could lessen side effects in patients.

The test is based on pharmacogenetics, or the study of how genetic makeup influences a person's reaction to drug treatments.

This financing will allow the AssureRx to expand sales and marketing for GeneSightRx, and fund other product development work.

"Our goal is to build the leading medical informatics company providing pharmacogenetic and other treatment decision support products to help physicians individualize the treatment of patients with neuropsychiatric and other disorders," said James S. Burns, president and CEO of AssureRx.

Sequoia Capital, is a Menlo Park, Calif., start-up venture capital fund for seed stage, early stage and growth companies. Claremont Creek Ventures is based in Oakland and invests in healthcare/ IT, energy conservation and security markets.

"AssureRx has enormous potential as an early leader in the transformation of neuropsychiatric treatment toward individualized patient treatment. GeneSightRx and future treatment decision support products hold the promise for faster, better patient outcomes and less costly care for psychiatric conditions such as clinical depression, anxiety disorder, and schizophrenia."

Writer: Feoshia Henderson
Source: CincyTech

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