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TT Capital Partners, Others Provide Growth Capital to InformedDNA

December 24, 2019, 08:50 AM
Filed Under: Biotechnology

InformedDNA, the nation’s largest provider of genetics services, announced that it has entered into definitive agreements with TT Capital Partners (TTCP), NovaQuest Capital Management (NovaQuest) and Frist Cressey Ventures to make meaningful growth capital investments into the company. InformedDNA will use the capital to continue scaling its technology-enabled, genetics expert services, as well as to expand its staff of genetic counselors. Terms of the private transaction were not disclosed. InformedDNA will continue to be led by the current management team under the direction of Chief Executive Officer, David Nixon.

"We’re thrilled to work with these partners as we bring more clarity and expertise to the increasingly complex genetics space," said Nixon. "Nearly a third of all tests are ordered in error, impacting patients, payers and providers negatively. This investment will allow our organization to bring our technology-enabled genetic expertise to the people and companies that need it most to help all audiences make better decisions to improve outcomes and lower costs."

As the genetic market continues to expand with hundreds of new genetic tests introduced monthly, providers lack the specialized expertise to select and interpret tests, which can quickly lead to unnecessary costs for patients and payers. As the largest genetic expert services organization in the United States, employing more than 85 genetic counselors, InformedDNA offers services that guide providers’ clinical decisions, help shape clinical trial processes and enable insurers to understand and craft policies to guide ordering genetic tests in a cost-effective manner.

"Healthcare is at an important inflection point, with new genetic testing capabilities promising more personalized care, improved outcomes, and lower costs," said Conor Green, Partner at TTCP. "InformedDNA’s continued commitment to genetic excellence and expertise has helped many healthcare organizations better understand the genomic space. We’re excited to work with such an experienced organization in the space to continue to provide rare expertise to the healthcare industry."

"Genomics is growing at an exponential rate across nearly all sectors in healthcare. InformedDNA brings a high caliber of resources and understanding to the table to not just keep up with, but stay ahead of industry growth," said Vern Davenport, Partner at NovaQuest. "This new partnership will help further decode the business of genetics and bring valuable insights to a wider range of patients and organizations."

InformedDNA has seen rapid growth and development in recent years, experiencing over 50 percent annual growth in each of the last two years and doubling its genetic counseling staff since 2017. Founded in 2007, InformedDNA was the first company in the U.S. to use telephonic services to connect genetic counselors to patients. Since then, it has expanded to provide technology-led services to patients, health plans, providers, health systems, and pharmaceutical and life science organizations.

Baird served as exclusive financial advisor to InformedDNA while Foley & Lardner provided the company legal advice. Bass, Berry & Sims provided legal advice to TTCP, NovaQuest, and Frist Cressey.

In a related transaction, CIBC also provided a flexible credit facility to InformedDNA.

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