Geneoscopy closed a $105M Series B round led by Lightchain Capital and NT Investments with participation from Morningside Ventures, Labcorp, Cultivation Capital, BioGenerator Ventures and Innovatus Capital Partners. How will the money be used?
Andrew Barnell, Geneoscopy CEO
“Primarily towards execution of our fecal study, or our colorectal cancer screening test that we’re seeking FDA approval for,” Geneoscopy CEO Andrew Barnell told the 4thEst8. “We’ll also be dedicating some of it to develop our pipeline, as well as build our team.”
The St. Louis-based Geneoscopy was founded in 2015. The company is developing a screening methodology to noninvasively diagnose colorectal cancer using bio-markers in stool samples. The screening technology examines RNA in a stool sample to detect the cancer, but this simple test is just the first of what CEO Andrew Barnell has told the 4thEst8 in the past that he hopes will be a platform of tests. Broadening this technology could be used to detect, prevent, and guide treatment of a wide variety of gastrointestinal diseases. Balancing the development of a specific product and a broader platform can be difficult.
“It’s challenging, right? I think there’s huge benefits to ‘focus’, right? But there’s also value of a platform and applying technology to a number of things,” Barnell said. “You have to be thoughtful about doing both right.”
Geneoscopy has about 40 employees right now, mostly scientists. Barnell says growing the team is a primary focus but isn’t something he’s discussing publicly.
Prior to today’s Series B Geneoscopy raised a total of $7.9M since its formation in 2015. Their Series A round closed in Oct. 2019. Investors include NT Asset, Lightchain, Cultivation Capital, Rodger Riney, Missouri Technology Corporation, Billiken Angels Network and the Door Room Fund.
Links:
On the 4thEst8:
Geneoscopy names Chief Medical Officer
Goldman names Barnell to top 100
