Geneoscopy, Inc., a life sciences company focused on developing diagnostic tests for the advancement of gastrointestinal health, today announced the closing of a Series C funding round raising $105 million. Bio-Rad Laboratories led the financing and was joined by Petrichor, Labcorp, Morningside Ventures, Lightchain Capital, NT Investments, Granger Management and Mercy Health, Tri Locum Partners, and others.
The capital raise positions the company to achieve key milestones, including the launch and commercialization of Geneoscopy’s at-home, stool-based colorectal cancer screening test, ColoSense. The funding also enables the company to continue investing in its innovative pipeline of diagnostic tests for inflammatory bowel disease, addressing a critical unmet medical need.
Geneoscopy’s novel platform for isolating human RNA from stool samples, combined with the high sensitivity and specificity of Bio-Rad’s Droplet Digital™ PCR (ddPCR™) technology, allows for highly effective screening and detection of colorectal cancer. Further, Geneoscopy and Labcorp will work together to provide broad availability of ColoSense, enabling healthcare providers to conveniently order the test as part of their comprehensive screening programs.
This past year, we achieved many significant milestones, most notably FDA approval of ColoSense. We are extremely pleased to secure this financing, which reflects investor confidence in the potential of our RNA technology to address unmet needs in colorectal cancer and inflammatory bowel disease. This continued support will enable us to deliver innovative solutions that prioritize patient well-being and shape the future of gastrointestinal health.”
Andrew Barnell, CEO and co-founder, Geneoscopy
Norman Schwartz, CEO of Bio-Rad Laboratories, stated, “As a leader in clinical diagnostics and digital biology, Bio-Rad’s mission is to advance science and save lives by improving healthcare outcomes. Geneoscopy’s ColoSense screening test is designed for use with Bio-Rad’s QXDx ddPCR platform and demonstrates remarkable sensitivity in detecting colorectal cancer and advanced adenomas. With this investment, we look forward to supporting Geneoscopy’s development and commercialization efforts while advancing our Droplet Digital PCR platform as a foundational technology for oncology applications across the clinical diagnostics and translational research markets.”
Colorectal cancer is the second deadliest cancer in the U.S., with incidence rates rising among populations under 50 years old. This alarming trend prompted the United States Preventive Services Task Force to lower the recommended age for initial screening to 45. Despite this change, millions of eligible people do not get screened due to a combination of factors such as limited access or avoidance of invasive procedures like colonoscopies. Following the successful Series C funding round, Geneoscopy is poised to address these challenges with ColoSense, a promising new tool that detects colorectal cancer early and accurately.
Geneoscopy’s CEO, Andrew Barnell, will present a company update and expand on plans for this funding round at the 43rd Annual J.P. Morgan Healthcare Conference in San Francisco. The presentation will take place on Thursday, Jan. 16, 2025, at 11:30 AM PST / 2:30 PM EST.
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