NextGxDx Inc., an online clearinghouse for CLIA-certified genetic laboratory tests, has secured a second round of financing. The Nashville, Tenn.-based NextGxDx received an unspecified amount of series B funding from Voyent Partners and the Nashville Capital Network. The company focuses on matching a specific test with a specific patient. Its database includes more than 220 laboratories across the United States that offer more than 17,400 tests. It provides information on the overall effectiveness of a test in relation to a patient’s medical condition, as well as cost. Officials with NextGxDx indicated the service is in response to trying to clear some of the product clutter surrounding the genetic tests that are currently available to clinicians. Its client base is primarily hospitals. “The growth of genetic testing is overwhelming hospital budgets and their ability to manage the labor-intensive test ordering process, creating an opportunity for a solution like ours that lowers costs and addresses the workflow inefficiencies associated with genetic test ordering,” said NextGxDx Chief Executive Officer Mark Harris. “We are excited about the opportunities we see in this market.” NextGxDx’s business model allows it to collect a fee anytime its database is used to order a test directly from a […]
NextGxDx Inc., an online clearinghouse for CLIA-certified genetic laboratory tests, has secured a second round of financing.
The Nashville, Tenn.-based NextGxDx received an unspecified amount of series B funding from Voyent Partners and the Nashville Capital Network.
The company focuses on matching a specific test with a specific patient. Its database includes more than 220 laboratories across the United States that offer more than 17,400 tests. It provides information on the overall effectiveness of a test in relation to a patient’s medical condition, as well as cost.
Officials with NextGxDx indicated the service is in response to trying to clear some of the product clutter surrounding the genetic tests that are currently available to clinicians. Its client base is primarily hospitals.
“The growth of genetic testing is overwhelming hospital budgets and their ability to manage the labor-intensive test ordering process, creating an opportunity for a solution like ours that lowers costs and addresses the workflow inefficiencies associated with genetic test ordering,” said NextGxDx Chief Executive Officer Mark Harris. “We are excited about the opportunities we see in this market.”
NextGxDx’s business model allows it to collect a fee anytime its database is used to order a test directly from a laboratory. The test price is the normal retail rate the laboratory charges. The company currently has agreements in place with nine laboratories that cover about 4,800 tests—or about one-quarter of the genetic assays that are currently on the market.
Takeaway: A startup firm in Nashville aims to provide clarity to the huge number of genetic assays that are currently available.
