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Geneoscopy Raises $6.9 Million to Advance Preventive Screening Test for Colorectal Cancer and Advanced Adenomas

10:03 EDT 2 Oct 2019 | Businesswire
Geneoscopy, Inc.

Geneoscopy, Inc., a life sciences company focused on the development of diagnostic tests for gastrointestinal (GI) health, today announced a successful and oversubscribed $6.9 million Series A financing. The Company plans to use the proceeds from this financing to advance its colorectal cancer (CRC) screening test, which quantifies eukaryotic RNA isolated from epithelial cells in stool to detect CRC and advanced adenomas.

This financing was led by Cultivation Capital and NT Investments. Lightchain Capital LLC, the family office of Scottrade founder Rodger Riney, was also a significant investor in the round. Following the financing, Bobby W. Sandage, Jr. (Cultivation Capital), Najeeb Thomas (NT Investments), and Drew Dennison (Lightchain Capital LLC) are joining the Company’s Board of Directors.

“While colorectal cancer is the second deadliest cancer, it's very treatable if detected in its earliest stages and preventable if detected as a precancerous lesion,” said Najeeb Thomas. “Better noninvasive screening tests are needed to improve compliance rates and lower CRC mortality rates.”

“Geneoscopy’s research has shown that stool-derived eukaryotic RNA biomarkers are highly sensitive for both the presence of cancer and, more importantly, precancerous lesions,” said Bobby W. Sandage, Jr. “High sensitivity for precancerous lesions, or adenomas, is particularly important for colorectal cancer prevention, which is the primary goal of colorectal cancer screening.”

“We are excited to work with our new partners to continue the development of our CRC screening test and other applications of our platform technology,” said Andrew Barnell, CEO of Geneoscopy, “and we appreciate their support of our mission to prevent avoidable health conditions from impacting the lives of patients.”

About Cultivation Capital

Cultivation Capital is a venture capital firm supporting extraordinary entrepreneurs. We are a family of venture funds and accelerators investing in technology, life sciences, and agriculture technology companies. These funds have backed over 100 companies since the firm's founding in 2012, making us one of the most active seed investors in the country. Cultivation Capital helps businesses achieve pivotal milestones with the help of our general partners, investors, and other portfolio companies.

About NT Investments

NT Investments is an angel investment group consisting of gastroenterologists, surgeons, physicians, and healthcare executives. NT Investments supports game-changing healthcare technologies with the ability to improve patient access, reduce costs, and improve population health.

Geneoscopy, Inc.
Andrew Barnell, CEO
andrew.barnell@geneoscopy.com

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