GEN inCode Announces Completion of £3M Institutional Foundation Fundraise
OXFORD, England, Sept. 1, 2020 /PRNewswire/ -- GEN inCode UK Limited, the privately-owned artificial intelligence cardiovascular disease company focused on the prevention of cardiovascular disease, announces today the completion of a £3.0M institutional fundraise to internationally scale its products and technology.
GEN inCode specializes in genetic risk assessment and the prediction of cardiovascular disease. Cardiovascular disease (CVD) is a broad disease classification including coronary artery disease, such as angina and myocardial infarction, often referred to as "heart attack". CVD also includes stroke, heart failure, hypertension, venous thromboembolism and other vascular heart diseases. CVD is the leading cause of death and disability worldwide accounting for one in every four deaths in the United States. By 2030, the total global cost of CVD is set to rise from approximately US $863 billion in 2010 to US $1,044 billion and is both a major health issue and global economic burden.
GEN inCode's CE marked invitro-diagnostic products provide genetic information to enable patients, doctors and healthcare practitioners to assess and predict the onset of CVD. The Company's products and 'cloud-based' reporting system help inform healthcare practitioners and patients of their CVD risk, enabling behavioural change alongside delivery of the most effective course of treatment.
GEN inCode has amassed significant investment in over 15 years' worth of research data and the development of products and algorithms to assess disease risk and prevent the onset of CVD. In September 2018, the Company acquired the products, assets and know-how of the Ferrer inCode and the Gendiag.exe businesses, then part of The Ferrer Group, a large pharmaceutical and healthcare multinational company with headquarters in Barcelona, Spain. GEN inCode has now received institutional funding from Maven Capital Partners and Downing to expand its operations in Europe, the UK and U.S.
GEN inCode's vision is to educate patients about their cardiovascular risk and to improve public health by using the predictive capability of its products with targeted therapies to determine lifestyle choice and improve patient outcomes.
Matthew Walls, Chairman and CEO, said: "We are delighted to complete the institutional round of funding and welcome Maven and Downing, our new institutional investors. The funding will prepare the Company for accelerated growth and international scale and supports our regulatory and clinical pathway into the U.S. market. We look forward to advising the market on our progress and further milestones in due course."
Jordi Puig, Co-founder and Group COO, said: "This marks another milestone in the development of our Company and prepares us to rapidly scale our products and technology across our European business."
GEN inCode UK Limited
Tel +44 (0)7887 501998
About GEN inCode:
GEN inCode is a UK-based company specializing in cardiovascular disease risk. Cardiovascular disease is the leading cause of death and disability worldwide.
GEN inCode UK Limited operates business units in Europe and Latin America through GEN inCode S.L.U., and in the United States through GEN inCode U.S. Inc.
GEN inCode's predictive technology provides patients and physicians with globally leading preventative care and treatment strategies. Our CE marked invitro-diagnostic molecular tests combine clinical algorithms and artificial intelligence to provide advanced patient risk assessment to predict disease onset.
SOURCE GEN inCode UK Limited