Invitae already provides testing for at least 15 genetic panels associated with particular diseases for $1,500 each with results coming in three weeks on average. Now it's raised $120 million Series F financing round to build out its testing infrastructure and expand its global presence.
The startup was founded in 2012 by CEO Randy Scott, who is a co-founder of Genomic Health ($GHDX) and Incyte ($INCY). This round puts its total financing at $207 million in just two years, a pretty astonishing feat.
Founded in 2012 as a spinoff from Genomic Health, Invitae plans to aggregate genetic tests into a single service with better quality, a faster turnaround and a lower price than existing single-gene tests that are often conducted by laboratories or hospitals themselves.The company has previously said it's aiming to provide genetic tests for more than 3,000 conditions at a price point of less than $1,000 each.
The company also offers full genomic sequencing including more than 200 genes for various genetic markers linked to cancer, cardiology, neurology and pediatrics. It's targeting both physicians and consumers themselves. The startup offers a free family history collection app for genetic counselors to build, modify, share and save patient information and a discounted $200 rate to see if additional family members carry a similar genetic variant.
Invitae plans to be patient-pay as well as insurer reimbursed. If a physician submits a test to an insurer for reimbursement and the payer denies the claim, Invitae will limit the patient out-of-pocket patient payment to $100, according to the company's website.
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| Invitae CEO and co-founder Randy Scott |
J.P. Morgan served as a placement agent for the recent round, which includes several crossover investors who typically invest ahead of an IPO. Among them were new investors The Broe Group, Decheng Capital, Deerfield Management, OrbiMed Advisors, Perceptive Advisors, Rock Springs Capital and Wellington Management, as well as existing investors Casdin Capital, Genesys Capital, Genomic Health, Randy Scott, Redmile Group and Thomas McNerney & Partners.
In July, Invitae partnered with Nanopharmacia, a molecular test provider in Mexico, to make genetic tests available to more than 800 oncology healthcare providers in Mexico, Costa Rica and Panama.
The startup's genetic panels for hereditary cancer, neurological disorders, cardiology, hematology, pediatric genetics include hereditary cardiac arrhythmia (13 genes), high-risk hereditary breast cancer (6 genes), women's hereditary cancer panel (18 genes), hereditary cancer syndromes (29 genes), and hereditary pancreatic cancer (17 genes).
- here is the release