NEW YORK – NeuroKaire on Tuesday said it has secured $10 million through a financing round, which it will use to continue developing a test for personalizing depression treatments, scale operations, and expand partnerships with drugmakers.
The funding round was led by GreyBird Ventures and included Meron Capital, Jumpspeed Ventures, and other investors.
Kearny, New Jersey-based NeuroKaire, formerly called Genetika+, has developed a test to gauge whether patients are likely to respond to approved antidepressants and drug combinations based on how the drugs affect patients' neurological biomarkers. "The test includes the first-ever readout of antidepressant effects from each patient's derived neurons, clinical data, as well as a pharmacogenetic screening covering 132 drugs," the company said in a statement.
In November, NeuroKaire said it had received Clinical Laboratory Improvement Amendments certification from the US Centers for Medicare & Medicaid Services, allowing it to perform high-complexity clinical testing and begin offering its PGx test.
NeuroKaire Founder and CEO Talia Cohen Solal stated that the latest funds will help the company scale operations, grow its team, and advance R&D efforts. "The investment will also support NeuroKaire in expanding its network of pharmaceutical partnerships currently focused on multiple psychiatric and neurological diseases," Solal added. "These collaborations are driving continued innovation in drug discovery and development and help ensure that new medications reach the right patients as quickly as possible."