Bio-Rad leads investment to support the launch of ColoSense®, a non-invasive colorectal cancer screening test, and advance diagnostic innovations for inflammatory bowel disease
Geneoscopy, Inc., a life sciences company focused on developing diagnostic tests for the advancement of gastrointestinal health, today announced the closing of a Series C funding round raising $105 million. Bio-Rad Laboratories (NYSE: BIO and BIO.B) led the financing and was joined by Petrichor, Labcorp (NYSE: LH), Morningside Ventures, Lightchain Capital, NT Investments, Granger Management and Mercy Health, Tri Locum Partners, and others.
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The capital raise positions the company to achieve key milestones, including the launch and commercialization of Geneoscopy’s at-home, stool-based colorectal cancer screening test, ColoSense. The funding also enables the company to continue investing in its innovative pipeline of diagnostic tests for inflammatory bowel disease, addressing a critical unmet medical need.
Geneoscopy’s novel platform for isolating human RNA from stool samples, combined with the high sensitivity and specificity of Bio-Rad’s Droplet Digital™ PCR (ddPCR™) technology, allows for highly effective screening and detection of colorectal cancer. Further, Geneoscopy and Labcorp will work together to provide broad availability of ColoSense, enabling healthcare providers to conveniently order the test as part of their comprehensive screening programs.
“This past year, we achieved many significant milestones, most notably FDA approval of ColoSense,” said Andrew Barnell, CEO and co-founder of Geneoscopy. “We are extremely pleased to secure this financing, which reflects investor confidence in the potential of our RNA technology to address unmet needs in colorectal cancer and inflammatory bowel disease. This continued support will enable us to deliver innovative solutions that prioritize patient well-being and shape the future of gastrointestinal health.”
Norman Schwartz, CEO of Bio-Rad Laboratories, stated, "As a leader in clinical diagnostics and digital biology, Bio-Rad’s mission is to advance science and save lives by improving healthcare outcomes. Geneoscopy’s ColoSense screening test is designed for use with Bio-Rad’s QXDx ddPCR platform and demonstrates remarkable sensitivity in detecting colorectal cancer and advanced adenomas. With this investment, we look forward to supporting Geneoscopy’s development and commercialization efforts while advancing our Droplet Digital PCR platform as a foundational technology for oncology applications across the clinical diagnostics and translational research markets.”
Colorectal cancer is the second deadliest cancer in the U.S., with incidence rates rising among populations under 50 years old. This alarming trend prompted the United States Preventive Services Task Force to lower the recommended age for initial screening to 45. Despite this change, millions of eligible people do not get screened due to a combination of factors such as limited access or avoidance of invasive procedures like colonoscopies. Following the successful Series C funding round, Geneoscopy is poised to address these challenges with ColoSense, a promising new tool that detects colorectal cancer early and accurately.
Geneoscopy’s CEO, Andrew Barnell, will present a company update and expand on plans for this funding round at the 43rd Annual J.P. Morgan Healthcare Conference in San Francisco. The presentation will take place on Thursday, Jan. 16, 2025, at 11:30 AM PST / 2:30 PM EST.
About Geneoscopy, Inc.
Geneoscopy, Inc. is a life sciences company focused on developing diagnostic tests for gastrointestinal health. Leveraging its proprietary, patented stool-derived eukaryotic RNA (seRNA) biomarker platform, Geneoscopy’s mission is to empower patients and providers to transform gastrointestinal health through innovative diagnostics. The company’s FDA-approved ColoSense test uses a proprietary RNA-based platform to screen for colorectal cancer and advanced adenomas for average-risk individuals over the age of 45. In partnership with leading universities and biopharmaceutical companies, Geneoscopy is also developing diagnostic tests for treatment selection and therapy monitoring in other GI disease areas. For more information, visit www.geneoscopy.com and follow the company on LinkedIn.
About Bio-Rad Laboratories, Inc.
Bio-Rad Laboratories, Inc. (NYSE: BIO and BIO.B) is a leader in developing, manufacturing, and marketing a broad range of products for the life science research and clinical diagnostics markets. Based in Hercules, California, Bio-Rad operates a global network of research, development, manufacturing, and sales operations with approximately 7,700 employees and $2.7 billion in revenues in 2023. Our customers include universities, research institutions, hospitals, and biopharmaceutical companies, as well as clinical, food safety and environmental quality laboratories. Together, we develop innovative, high-quality products that advance science and save lives. To learn more, visit www.bio-rad.com.
Bio-Rad Forward Looking Statements
This release may be deemed to contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements we make regarding our expectations about our products, Geneoscopy’s ColoSense screening test, and supporting Geneoscopy’s development and commercialization efforts while advancing our droplet digital PCR platform as a foundational technology for oncology applications across the clinical diagnostics and translational research markets. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "plan," "believe," "expect," "anticipate," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions, although not all forward-looking statements contain these words. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. These risks and uncertainties include global economic and geopolitical conditions, our ability to develop and market new or improved products, our ability to compete effectively, international legal and regulatory risks, supply chain risks, and product quality and liability issues. For further information regarding our risks and uncertainties, please refer to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" in Bio-Rad's public reports filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Bio-Rad cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. We disclaim any obligation to update these forward-looking statements.
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