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ST. PETERSBURG — InformedDNA has received a $3 million infusion from a venture capital firm to expand its reach in the emerging field of personalized medical services.
In turn, the company has given MPM Capital, a life sciences-dedicated venture investment firm, a minority stake in the St. Petersburg-based company, which provides genetic counseling and genetic benefits management.
InformedDNA, which contends it's the largest independent provider of those services, will add specialty genetic services for the pharmaceutical industry.
The company has a national network of board-certified genetics specialists that provide patients and health care providers with personalized information about health risks, whether genetic testing is appropriate and the best options to protect patients' health. The firm has board-certified genetics specialists in oncology, cardiology, neurology, reproductive health, ocular and other inherited conditions.
“InformedDNA has established itself as the authority in the appropriate use of genetic testing — one of the fastest growing areas of health care,” Dr. Bard Geesaman, managing member of MPM Capital's SunStates Fund, says in a news release.
InformedDNA chose MPM for its strong track record in biotechnology, specialty pharmaceutical and medical technology investment, says company CEO David Nixon.
The investment is MPM's largest in Florida.
“InformedDNA's growth prospects reach into literally every area of health care at a time when the promise of personalized medicine is coming to life,” Geesaman says.
Genetic testing is becoming more prevalent and InformedDNA's holistic approach to genetic benefits optimization has positioned it as an early leader in the emerging genetic benefits management industry, states the release.
MPM Capital has raised more than $2.5 billion for five health care venture funds over the last 15 years.
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