MINNEAPOLIS (Nov. 14, 2016) – Pharmacogenomics company OneOme today announced it has reached several milestones in the start-up organization’s development. Among the key progress indicators are $4.75 million in financing, establishment of its Minneapolis laboratory and accreditation by the College of American Pathologists (CAP), expanded sales staff and provider partnerships, and advancements in the integration of its RightMed® test results into common EMR (electronic medical records) systems.
Pharmacogenomics is a new, emerging field that combines the study of how genes affect a person’s response to drugs (pharmacology) with the study of genes and their functions (genomics). OneOme launched the physician-ordered RightMed test, which offers a cost-effective, comprehensive, personalized pharmacogenomic analysis of 22 genes provided as part of routine clinical care. The test helps providers easily make personalized treatment decisions across more than 340 medications.
“The RightMed test was developed to address the fact that around half of the four billion prescriptions issued each year do not work as intended, and that adverse drug reactions account for seven percent of hospital admissions and 20 percent of readmissions,” said OneOme CEO, Paul Owen.
OneOme has also developed a platform for clients to generate the interpretive drug report using genotype or sequence data obtained elsewhere, all with the goal of better identifying which prescription medications may work best for individual patients.
OneOme is a privately held company backed by early-stage venture firm Invenshure, LLC. In early October, OneOme filed with the U.S. Securities and Exchange Commission, indicating it had received $4.75 million in new financing. Owen said, “The additional financing will be used to expand our provider network and establish stronger, more robust sales distribution channels, allowing OneOme to further penetrate the market and establish the RightMed product globally.”
The financing follows accelerated second and third quarter activity for OneOme. OneOme opened its corporate office and clinical laboratory in Minneapolis’ Highlight Center in July. That month also marked the promotion of Owen to Chief Executive Officer. Owen had served as President and Chief Operating Officer since August 2015 and replaced Troy Kopischke, who became the OneOme Board Chairman.
Also in July, OneOme entered the market in Puerto Rico, Cuba and the Dominican Republic through a partnership with High Profile Laboratory in Guaynabo, Puerto Rico. High Profile Laboratory is an established, specialized provider of clinical and microbiological tests and a partner of Salus, a healthcare provider and a member of the Mayo Clinic Care Network.
Under the guidance of Vice President of Global Sales, Aaron Solomon, OneOme has continued to add regional sales staff, and in September announced the additions of Minnesota-based Ridgeview Medical Center and Centra Health’s Stroobants Cardiovascular Center in Central Virginia to OneOme's provider network. The company also operates in partnership with Medcan, Canada's largest executive health clinic.
Most recently, OneOme announced it had acquired laboratory accreditation by the College of American Pathologists (CPA). Considered the “gold standard,” CAP accreditation is awarded to facilities that meet or exceed the quality standards set by the Clinical Laboratory Improvement Amendments (CLIA). “The accreditation signifies that OneOme has met the highest level of quality and scientific standards and positions us to begin pursuing additional testing,” said Director of Laboratory Operations, Ross Higgins, MSL (ASCP), for OneOme.
In late October, OneOme deployed its first phase of EMR integration, which means the organization now has the capabilities of receiving orders from healthcare providers and for providing discrete results via commonly used EMR systems, further automating the system and making it easier for providers to order tests and access results.
Finally, as a result of OneOme's technological advancements in the field, the company has been named a Tekne Award finalist in the Healthcare – Small and Growing category – by the Minnesota High Tech Association (MHTA). The Tekne Awards honor Minnesota's best and brightest technology users and developers in innovation, development, education, commercialization and management.
The OneOme platform was co-developed and exclusively licensed from Mayo Clinic to bring pharmacogenomics into routine clinical care. OneOme is a privately held company backed by early-stage venture firm Invenshure, LLC, and Mayo Clinic. To learn more about OneOme, visit www.oneome.com.
Editor’s Note: Mayo Clinic has financial investment in the technology referenced in this news release. The revenue that Mayo Clinic will receive is used to support its not-for-profit mission in patient care, education and research.