A $7.8 million fundraising round was secured by Phenomix Sciences, a Menlo Park, California-based precision medicine biotechnology business that applies data intelligence to the treatment of obesity.
Investments
- The financing includes a $2.3 million Phase II Small Business Innovation Research (SBIR) Grant from the National Institutes of Health (NIH)
- $5.5 million in Series A funding from new investors DexCom, Inc. and Labcorp, as well as previous partners Health2047
Use of funds
The MyPhenomeTM test will become more widely used and commercialized in the obesity specialist market and industry at large with the help of this funding. The money will also allow the business to create and implement more phenotyping tests, support ongoing clinical research, patent new discoveries, and cultivate strategic alliances with pharmaceutical firms and healthcare providers. Phenomix is able to carry out more clinical research under the SBIR funding, proving the worth of obese precision medicine. The award will specifically support a prospective investigation of the MyPhenome test and further demonstrate how accurate it is in predicting the outcome of obesity therapy.
About Phenomix
Under the direction of CEO Mark Bagnall, Phenomix created the MyPhenome test, which gives doctors the vital resources they need to create efficient treatment regimens that include dietary and lifestyle modifications as well as suggestions for medications and/or procedures. The MyPhenome test detects obesity phenotypes, illness subtypes brought on by the interplay between a patient’s genes and surroundings. Emotional hunger, Hungry Brain, and Hungry Gut are some of these traits.