AssureRx Pulls Together $11M For Psych Diagnostics

March 25, 2011  source: VentureWire by Timothy Hay

AssureRXAssureRx Health Inc. has raised an $11 million round from Sequoia Capital and Claremont Creek Ventures for its testing system that helps psychiatric patients find the most compatible medications, according to an investor.

“This could be one of the biggest diagnostic companies of the decade, in my estimation,” said John Steuart, a Claremont Creek co-founder and managing director who takes a board seat at the Mason, Ohio-based company as a result of the round. “They just need to execute.”

Jim Burns, AssureRx’s chief executive, said the company previously raised about $7.5 million in equity in several events from Allos Ventures and individual investors. The company rolled these up into a Series A round, but it considers the its first actual, institutional round. Undisclosed existing investors took part in the new round.

Burns said AssureRx is the first company to bring recent advancements in genetic testing to the psychiatric field.

As scientists have become more adept at mapping human genetic code, doctors in various fields have gotten a clearer picture of whether certain medications will help–or hurt–certain patients.

Oncologists and cardiologists, for example, often test patients’ genes to make sure a heart or cancer patient can tolerate a certain kind of medication. In cardiology and oncology, prescribing a medicine that a patient can’t tolerate can be a costly and dangerous error.

But genetic testing of this kind hasn’t yet reached psychiatry, Claremont’s Steuart said.

“Psychiatry is unlike every other branch of medicine,” he said. “In psychiatry, you talk to the patient. It can be hit or miss. This is the second-most-expensive class of drugs, after oncology drugs, and a lot of them end up going in the trash can.”

At the same time, psychiatric patients needing help often go without medication that would aid them, or suffer side effects from taking pills that don’t, Steuart said.

AssureRx is using diagnostic technology from the Mayo Clinic and the Children’s Hospital of Cincinnati, CEO Burns said, and the company sells its service to both institutions.

The company expects to reach profitability next year, he added.

Doctors using the system simply swab a patient’s cheek and send the swab to AssureRx, Burns said. The company runs the result of the swab through its software algorithm, where the patient’s genetic makeup is compared to some 26 commonly prescribed drugs for anxiety, depression, ADHD and other conditions. The company comes up with a sort of ranking system for which drugs will and won’t work for a given patient, Burns said.

AssureRx has 17 employees. Burns declined to give a valuation for the company.

 

Reader Interactions

Comments

  1. There was a lot of interest by the press in AssureRX. See some of the coverage below:


    Financings of the Fortnight Buys Me Some Peanuts and Cracker Jack

    The IN VIVO Blog – ‎Mar 31, 2011‎
    /Led by Sequoia and Claremont Creek with a smaller contribution from Carmel, Ind.-based Allos, the round exceeds AssureRx’s stated goal of raising $9 million, and builds on $7 million in Series A money that it raised in several installments since 2006.

    AssureRx Health Raises $11 Million Series B Financing

    Bradenton Herald – ‎Mar 25, 2011‎
    /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right drug and the right dose for

    AssureRx completes $11M financing round

    Cincinnati Business Courier – ‎Mar 25, 2011‎
    The Mason-based company will use the funds to expand direct sales and marketing for its first product, GeneSightRx, and for second-generation product development activities. The financing was led by Oakland, Calif.-based Claremont Creek Ventures and

    AssureRX receives $11m for Neuropsychiatric drug selection

    WIREDVC: Venture Capital & Funding News – Julien Weston – ‎Mar 25, 2011‎
    AssureRx Health, Inc, a Cincinnati, Ohio based personalized medicine company, has closed an US$11m Series B financing. The financing was led by Claremont Creek Ventures and Sequoia Capital and included participation of

    Personalized medicine firm AssureRx closes $11M Series B investment

    MedCity News – ‎Mar 25, 2011‎
    Personalized medicine test maker AssureRx Health has closed an $11 million Series B round of funding. The Cincinnati-area company will use the funding to expand sales and marketing for its GeneSightRx test, which helps doctors pick the right

    AssureRx Raises $11M to Promote Pharmacogenetic Test for Psychiatric Drugs

    Genetic Engineering News – ‎Mar 25, 2011‎
    GeneSightRx evaluates 50 variants to help predict patient response to antidepressant or antipsychotic drugs.[Scott Maxwell-Fotolia.com] AssureRx Health raised $11 million in a Series B round of financing led by Claremont Creek Ventures and Sequoia

    The Daily Start-Up: China’s Rich Flocking To Online Shopping

    Wall Street Journal (blog) – Mike Lucas – ‎Mar 25, 2011‎
    China-based VCs are continuing to pump cash into online purveyors of high-end merchandise, cosmetics and lingerie that China’s newly wealthy crave. Kleiner Perkins Caufield & Byers and Sequoia Capital are among the firms targeting the luxury

    AssureRx Health Raises $11 Million Series B Financing

    Centre Daily Times – ‎Mar 25, 2011‎
    CINCINNATI, March 25, 2011 — /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right

    AssureRX Health gets $11M infusion

    Cincinnati.com – ‎Mar 25, 2011‎
    By Kellie Geist-May • kmay@communitypress.com The fifth-graders at Ebon C. Hill Intermediate School visited with three special guests Thursday, March 24… By Mary Dannemiller • mdannemiller@communitypress.com Miami Township Police Chief Steve Bailey

    AssureRX Health gets $11M infusion

    Cincinnati.com – ‎Mar 25, 2011‎
    AssureRX Health Inc., a Mason-based biotech spinoff from Cincinnati Children’s Hospital Medical Center, has gotten an $11 million infusion led by two high-powered California venture funds. The money will be used by AssurRX to bring to market its first

    AssureRx closes $11 million Series B financing

    News-Medical.net – ‎Mar 25, 2011‎
    AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right drug and the right dose for individual

    AssureRx Health Raises $11 Million Series B Financing

    Sacramento Bee – ‎Mar 25, 2011‎
    By AssureRx Health, Inc. CINCINNATI, March 25, 2011 — /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help

    AssureRx Health Inks $11M

    Private Equity Hub (press release) – ‎Mar 25, 2011‎
    AssureRx Health Inc. has raised $11 million in Series B financing. Claremont Creek Ventures and Sequoia Capital co-led the round, which included investment from existing shareholders Cincinnati Children’s Hospital Medical Center, Mayo Clinic and

    AssureRx Health Raises $11 Million Series B Financing

    SYS-CON Media (press release) – ‎Mar 25, 2011‎
    CINCINNATI, March 25, 2011 /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right

    AssureRx Health Raises $11 Million Series B Financing

    SunHerald.com (press release) – ‎Mar 25, 2011‎
    CINCINNATI, March 25, 2011 — /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right

    AssureRx Health Raises $11 Million Series B Financing

    DigitalJournal.com (press release) – ‎Mar 25, 2011‎
    CINCINNATI, March 25, 2011 /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right

    AssureRx Health Raises $11 Million Series B Financing

    PR Newswire (press release) – ‎Mar 25, 2011‎
    CINCINNATI, March 25, 2011 /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right

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Reader Interactions

Comments

  1. There was a lot of interest by the press in AssureRX. See some of the coverage below:


    Financings of the Fortnight Buys Me Some Peanuts and Cracker Jack

    The IN VIVO Blog – ‎Mar 31, 2011‎
    /Led by Sequoia and Claremont Creek with a smaller contribution from Carmel, Ind.-based Allos, the round exceeds AssureRx’s stated goal of raising $9 million, and builds on $7 million in Series A money that it raised in several installments since 2006.

    AssureRx Health Raises $11 Million Series B Financing

    Bradenton Herald – ‎Mar 25, 2011‎
    /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right drug and the right dose for

    AssureRx completes $11M financing round

    Cincinnati Business Courier – ‎Mar 25, 2011‎
    The Mason-based company will use the funds to expand direct sales and marketing for its first product, GeneSightRx, and for second-generation product development activities. The financing was led by Oakland, Calif.-based Claremont Creek Ventures and

    AssureRX receives $11m for Neuropsychiatric drug selection

    WIREDVC: Venture Capital & Funding News – Julien Weston – ‎Mar 25, 2011‎
    AssureRx Health, Inc, a Cincinnati, Ohio based personalized medicine company, has closed an US$11m Series B financing. The financing was led by Claremont Creek Ventures and Sequoia Capital and included participation of

    Personalized medicine firm AssureRx closes $11M Series B investment

    MedCity News – ‎Mar 25, 2011‎
    Personalized medicine test maker AssureRx Health has closed an $11 million Series B round of funding. The Cincinnati-area company will use the funding to expand sales and marketing for its GeneSightRx test, which helps doctors pick the right

    AssureRx Raises $11M to Promote Pharmacogenetic Test for Psychiatric Drugs

    Genetic Engineering News – ‎Mar 25, 2011‎
    GeneSightRx evaluates 50 variants to help predict patient response to antidepressant or antipsychotic drugs.[Scott Maxwell-Fotolia.com] AssureRx Health raised $11 million in a Series B round of financing led by Claremont Creek Ventures and Sequoia

    The Daily Start-Up: China’s Rich Flocking To Online Shopping

    Wall Street Journal (blog) – Mike Lucas – ‎Mar 25, 2011‎
    China-based VCs are continuing to pump cash into online purveyors of high-end merchandise, cosmetics and lingerie that China’s newly wealthy crave. Kleiner Perkins Caufield & Byers and Sequoia Capital are among the firms targeting the luxury

    AssureRx Health Raises $11 Million Series B Financing

    Centre Daily Times – ‎Mar 25, 2011‎
    CINCINNATI, March 25, 2011 — /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right

    AssureRX Health gets $11M infusion

    Cincinnati.com – ‎Mar 25, 2011‎
    By Kellie Geist-May • kmay@communitypress.com The fifth-graders at Ebon C. Hill Intermediate School visited with three special guests Thursday, March 24… By Mary Dannemiller • mdannemiller@communitypress.com Miami Township Police Chief Steve Bailey

    AssureRX Health gets $11M infusion

    Cincinnati.com – ‎Mar 25, 2011‎
    AssureRX Health Inc., a Mason-based biotech spinoff from Cincinnati Children’s Hospital Medical Center, has gotten an $11 million infusion led by two high-powered California venture funds. The money will be used by AssurRX to bring to market its first

    AssureRx closes $11 million Series B financing

    News-Medical.net – ‎Mar 25, 2011‎
    AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right drug and the right dose for individual

    AssureRx Health Raises $11 Million Series B Financing

    Sacramento Bee – ‎Mar 25, 2011‎
    By AssureRx Health, Inc. CINCINNATI, March 25, 2011 — /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help

    AssureRx Health Inks $11M

    Private Equity Hub (press release) – ‎Mar 25, 2011‎
    AssureRx Health Inc. has raised $11 million in Series B financing. Claremont Creek Ventures and Sequoia Capital co-led the round, which included investment from existing shareholders Cincinnati Children’s Hospital Medical Center, Mayo Clinic and

    AssureRx Health Raises $11 Million Series B Financing

    SYS-CON Media (press release) – ‎Mar 25, 2011‎
    CINCINNATI, March 25, 2011 /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right

    AssureRx Health Raises $11 Million Series B Financing

    SunHerald.com (press release) – ‎Mar 25, 2011‎
    CINCINNATI, March 25, 2011 — /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right

    AssureRx Health Raises $11 Million Series B Financing

    DigitalJournal.com (press release) – ‎Mar 25, 2011‎
    CINCINNATI, March 25, 2011 /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right

    AssureRx Health Raises $11 Million Series B Financing

    PR Newswire (press release) – ‎Mar 25, 2011‎
    CINCINNATI, March 25, 2011 /PRNewswire/ — AssureRx Health, Inc. today announced the closing of an $11 million Series B financing. The personalized medicine company, which provides clinically-relevant information to help physicians select the right