Genetesis Announces Close of $17.5 Million Series C Financing

Published on
October 6, 2022
Press Release

Mithril Capital-led Series C to launch 5-minute noninvasive ischemia assessment requiring no pharmaceuticals, no exercise, and no radiation.

October 6th, 2022 10:00 AM Eastern Daylight Time

MASON, Ohio (BUSINESS WIRE) Genetesis, the market leader in next-generation biomagnetic imaging, has announced that it has closed $17.5 million in Series C Financing. The round was led by Mithril Capital with participation from Cercano Management as well as from existing investors, including JobsOhio Growth Capital, Ohio Innovation Fund and CincyTech. This investment brings the company’s total funding to over $40 million.

This financing comes as Genetesis enters the final month of primary enrollment in the ACCMED trial, which includes participation from Cleveland Clinic, Ascension St. John, Wake Forest Baptist Health, and Beaumont Royal Oak Hospital. Genetesis, alongside their participating centers, anticipates that the ACCMED trial will demonstrate magnetocardiography to be a paradigm shift in cardiac imaging as both an efficient and patient-centric solution for the identification of ischemic heart disease - especially as it compares to today’s standard of cardiac care.

“The team at Genetesis is pioneering a new era for medical imaging with an initial focus that is truly revolutionary for cardiovascular health. With the promise of enabling clinicians to quickly diagnose cardiovascular dysfunction in a non-invasive fashion, CardioFlux will be instrumental in fighting the leading cause of death around the globe,” said Ajay Royan, Managing General Partner and Co-founder of Mithril Capital. “Millions of Americans and their clinicians stand to benefit from CardioFlux’s goal of an accurate, noninvasive, 5-minute frontline cardiac assessment that entails no pharmaceuticals, no exercise, and no radiation. We are thrilled to partner with Genetesis at this exciting stage of development.”

The CardioFlux platform leverages the unique advantages of magnetocardiography and offers patients a rapid scan without the use of any radiation, contrast, or  exercise. CardioFlux was cleared by FDA in 2019 and obtained FDA Breakthrough Device Designation in December 2020. Over the past several years, CardioFlux has  been clinically investigated in hundreds of patients with suspected acute and chronic coronary syndromes - as well as in patients with confirmed coronary microvascular dysfunction - and promises to offer clinicians and patients a diagnostic imaging platform that offers unprecedented simplicity, ease of use and patient comfort.

“We have made it our mission to manifest the convergence of computing, sensing and medical imaging to deliver the world’s most cost-effective and patient-centric solution for cardiovascular disease. We now have data from hundreds of patients, both in the acute care and outpatient settings, demonstrating the  breakthrough  value of our CardioFlux® diagnostic platform,” said Peeyush Shrivastava, co-founder and CEO of Genetesis. “We are thrilled to welcome our new investors and  greatly appreciate the continued support of our returning investors as we work to make CardioFlux available across the globe.”

The financing will enable the company to obtain FDA De Novo approval, launch a new series of clinical trials, and commercialize and launch its biomagnetic systems globally across a variety of care settings.