11 October 2022 - - US-based biomagnetic imaging specialist Genetesis has closed USD 17.5m in series C financing, the company said.

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 USD 40m.

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 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.

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.