Bio-Rad leads investment to support the launch
of ColoSense®, a non-invasive colorectal cancer screening test, and
advance diagnostic innovations for inflammatory bowel disease
Geneoscopy, Inc., a life sciences company focused on developing
diagnostic tests for the advancement of gastrointestinal health,
today announced the closing of a Series C funding round raising
$105 million. Bio-Rad Laboratories (NYSE: BIO and BIO.B) led the
financing and was joined by Petrichor, Labcorp (NYSE: LH),
Morningside Ventures, Lightchain Capital, NT Investments, Granger
Management and Mercy Health, Tri Locum Partners, and others.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20250108387874/en/
The capital raise positions the company to achieve key
milestones, including the launch and commercialization of
Geneoscopy’s at-home, stool-based colorectal cancer screening test,
ColoSense. The funding also enables the company to continue
investing in its innovative pipeline of diagnostic tests for
inflammatory bowel disease, addressing a critical unmet medical
need.
Geneoscopy’s novel platform for isolating human RNA from stool
samples, combined with the high sensitivity and specificity of
Bio-Rad’s Droplet Digital™ PCR (ddPCR™) technology, allows for
highly effective screening and detection of colorectal cancer.
Further, Geneoscopy and Labcorp will work together to provide broad
availability of ColoSense, enabling healthcare providers to
conveniently order the test as part of their comprehensive
screening programs.
“This past year, we achieved many significant milestones, most
notably FDA approval of ColoSense,” said Andrew Barnell, CEO and
co-founder of Geneoscopy. “We are extremely pleased to secure this
financing, which reflects investor confidence in the potential of
our RNA technology to address unmet needs in colorectal cancer and
inflammatory bowel disease. This continued support will enable us
to deliver innovative solutions that prioritize patient well-being
and shape the future of gastrointestinal health.”
Norman Schwartz, CEO of Bio-Rad Laboratories, stated, "As a
leader in clinical diagnostics and digital biology, Bio-Rad’s
mission is to advance science and save lives by improving
healthcare outcomes. Geneoscopy’s ColoSense screening test is
designed for use with Bio-Rad’s QXDx ddPCR platform and
demonstrates remarkable sensitivity in detecting colorectal cancer
and advanced adenomas. With this investment, we look forward to
supporting Geneoscopy’s development and commercialization efforts
while advancing our Droplet Digital PCR platform as a foundational
technology for oncology applications across the clinical
diagnostics and translational research markets.”
Colorectal cancer is the second deadliest cancer in the U.S.,
with incidence rates rising among populations under 50 years old.
This alarming trend prompted the United States Preventive Services
Task Force to lower the recommended age for initial screening to
45. Despite this change, millions of eligible people do not get
screened due to a combination of factors such as limited access or
avoidance of invasive procedures like colonoscopies. Following the
successful Series C funding round, Geneoscopy is poised to address
these challenges with ColoSense, a promising new tool that detects
colorectal cancer early and accurately.
Geneoscopy’s CEO, Andrew Barnell, will present a company update
and expand on plans for this funding round at the 43rd Annual J.P.
Morgan Healthcare Conference in San Francisco. The presentation
will take place on Thursday, Jan. 16, 2025, at 11:30 AM PST / 2:30
PM EST.
About Geneoscopy, Inc.
Geneoscopy, Inc. is a life sciences company focused on
developing diagnostic tests for gastrointestinal health. Leveraging
its proprietary, patented stool-derived eukaryotic RNA (seRNA)
biomarker platform, Geneoscopy’s mission is to empower patients and
providers to transform gastrointestinal health through innovative
diagnostics. The company’s FDA-approved ColoSense test uses a
proprietary RNA-based platform to screen for colorectal cancer and
advanced adenomas for average-risk individuals over the age of 45.
In partnership with leading universities and biopharmaceutical
companies, Geneoscopy is also developing diagnostic tests for
treatment selection and therapy monitoring in other GI disease
areas. For more information, visit www.geneoscopy.com and follow
the company on LinkedIn.
About Bio-Rad Laboratories, Inc.
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B) is a leader in
developing, manufacturing, and marketing a broad range of products
for the life science research and clinical diagnostics markets.
Based in Hercules, California, Bio-Rad operates a global network of
research, development, manufacturing, and sales operations with
approximately 7,700 employees and $2.7 billion in revenues in 2023.
Our customers include universities, research institutions,
hospitals, and biopharmaceutical companies, as well as clinical,
food safety and environmental quality laboratories. Together, we
develop innovative, high-quality products that advance science and
save lives. To learn more, visit www.bio-rad.com.
Bio-Rad Forward Looking Statements
This release may be deemed to contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include,
without limitation, statements we make regarding our expectations
about our products, Geneoscopy’s ColoSense screening test, and
supporting Geneoscopy’s development and commercialization efforts
while advancing our droplet digital PCR platform as a foundational
technology for oncology applications across the clinical
diagnostics and translational research markets. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as "plan," "believe," "expect,"
"anticipate," "may," "will," "intend," "estimate," "continue," or
similar expressions or the negative of those terms or expressions,
although not all forward-looking statements contain these words.
Such statements involve risks and uncertainties, which could cause
actual results to vary materially from those expressed in or
indicated by the forward-looking statements. These risks and
uncertainties include global economic and geopolitical conditions,
our ability to develop and market new or improved products, our
ability to compete effectively, international legal and regulatory
risks, supply chain risks, and product quality and liability
issues. For further information regarding our risks and
uncertainties, please refer to the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operation" in Bio-Rad's public reports filed with the Securities
and Exchange Commission, including our most recent Annual Report on
Form 10-K and our Quarterly Reports on Form 10-Q. Bio-Rad cautions
you not to place undue reliance on forward-looking statements,
which reflect an analysis only and speak only as of the date
hereof. We disclaim any obligation to update these forward-looking
statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250108387874/en/
Geneoscopy Media Contact Andrea Sampson Sampson Public
Relations Group asampson@sampsonprgroup.com Geneoscopy Investor
Contact Carrie Mendivil / Ji-Yon Yi Gilmartin Group
investors@geneoscopy.com Bio-Rad Media Contact Anna
Gralinska Corporate Communications 510-741-6643 cc@bio-rad.com
Bio-Rad Investor Contact Edward Chung Investor Relations
510-741-6104 ir@bio-rad.com
Bio Rad Laboratories (NYSE:BIO)
Historical Stock Chart
From Dec 2024 to Jan 2025
Bio Rad Laboratories (NYSE:BIO)
Historical Stock Chart
From Jan 2024 to Jan 2025