Biomagnetic Imaging Company Genetesis Closes $7.5M in Series A Financing

MASON, Ohio–(BUSINESS WIRE)– Genetesis, a medical device company focused on using biomagnetic imaging to enable rapid, noninvasive and accurate chest pain triage, has closed an oversubscribed round of $7.5M in Series A financing. CincyTech led the round with participation from existing investors including Mark Cuban’s Radical Investments, and new investors including Ohio Innovation Fund and Raptor Group.

Chest pain accounts for nearly eight million emergency room visits in US hospitals every year, the majority of which turn out to be of non-cardiac origin. Determining if a patient’s pain is heart-related using current standard of care is often inconclusive, forcing many patients to endure additional lengthy, expensive and invasive testing in the emergency and observation units of the hospital.

Genetesis uses biomagnetic imaging, a passive, non-invasive technology with no radiation or exercise required; in combination with proprietary software to detect the presence of ischemic cardiac tissue with an easy 60- 90 second scan.

“We reached a milestone this year with the conclusion of a 100-patient, double blinded clinical study at St. John Hospital. Our team is encouraged by the findings from that study, which will ultimately be published in peer-reviewed journals,” said Peeyush Shrivastava, co-founder and CEO of Genetesis. “Our goal is to give clinicians an accurate and easy-to-operate tool, which will spare patients and hospitals the discomfort and expense of invasive and lengthy testing.”

Dr. Margarita Pena, MD, the Director of the Clinical Decision Unit at St. John Hospital (Detroit, MI) presented findings at the Society of Academic Emergency Medicine Annual Conference in May, weeks after Dr. Alisa Niksch, MD, the company’s Chief Medical Officer presented key data at the Society for Cardiovascular Angiography and Interventions.

“For millions dealing with the risks and anxiety of heart disease, this technology has the potential to be a game changer,” said businessman and investor Mark Cuban, who leads Radical Investments. “I’m encouraged by the Genetesis team’s progress and by the promise this technology may hold for other unmet needs.”

“This financing represents further investor validation of Genetesis’ disruptive biomagnetic imaging technology and of CincyTech’s model of backing dynamic companies which can attract capital from our community and nationwide,” said John Rice, PhD., Genetesis Chairman and Director of Life Sciences at CincyTech.

The financing will enable the company to build and install additional CardioFlux™ systems, launch new clinical trials, and prepare for commercial launch. The company will preview the technology for those attending this year’s American College of Emergency Physicians and American Heart Association Scientific Sessions.