InformedDNA, a genetics testing firm in St. Petersburg, has struck a $10 million deal with CIBC Innovation Banking.
The funding is a “flexible debt solution” that will allow InformedDNA to execute its business strategy, David Nixon, InformedDNA CEO, said in a news release.
CIBC Innovation Banking offers strategic advice, cash management and funding to North American innovation companies at each stage of their business cycle, from start up to IPO and beyond.
It’s the second funding announcement in just over two months for InformedDNA, which offers clinical genetic counseling, genetic testing utilization management, genetic testing payment integrity and expert genetics clinical trial support. In December, the company signed an agreement with private equity funds TT Capital Partners, NovaQuest Capital Management and Frist Cressey Ventures to make growth capital investments into the company.
The company will use the capital to continue scaling its technology and expand its staff of genetic counselors, a news release said.
InformedDNA separately announced a new C-level executive and a new board member. Paul Danao joined the company as chief growth officer, responsible for driving revenue growth and retention through sales, marketing and client management. Jacqueline Kosecoff joined InformedDNA’s board as an independent director.
Danao will focus on aligning sales, marketing and client management activities to accelerate customer acquisition and retention. He previously was vice president, client management-healthcare at credit reporting agency TransUnion and held senior leadership roles at several healthcare technology and service companies.
Kosecoff works in private equity to identify, select, mentor and manage health services and IT companies. She is managing partner at Moriah Partners LLC, and senior advisor at Warburg Pincus. Previously, she served as a senior executive with UnitedHealth Group-PacifiCare where she was chief executive officer of OptumRx.
“Jacqueline and Paul both have extensive executive leadership experience at major health plans and health systems. Each will no doubt make substantial contributions to InformedDNA, in their respective roles, as we help bring about a future in which genomics expertise will inform most healthcare decision-making, enabling true precision medicine to become a ubiquitous reality,” Nixon said in a news release.