Phenomix Sciences Raises $7.8M in Funding to Accelerate Adoption of Obesity Precision Medicine

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May 16, 2024, 09:00 ET

Precision medicine biotechnology company for obesity secures additional institutional capital from prominent industry leaders to expand the use of its novel phenotyping test and advance clinical research in weight loss treatment.

MENLO PARK, Calif., May 16, 2024 /PRNewswire/ -- Phenomix Sciences (Phenomix), a precision medicine biotechnology company that brings data intelligence to the treatment of obesity, has secured $5.5 million in Series A funding from new investors, DexCom, Inc. and Labcorp, and existing investors, including Health2047. The company has also been awarded a $2.3 million Phase II Small Business Innovation Research (SBIR) Grant through the National Institutes of Health (NIH).

"As leaders in their respective fields of lab testing and patient empowerment, we are excited to add DexCom and Labcorp as investors as we continue to scale our company. In addition, Labcorp will provide laboratory testing services," said Mark Bagnall, CEO of Phenomix. "After more than a decade of research from our founders, we are thrilled the wider industry is also seeing the need to treat the obesity epidemic seriously with clinically focused solutions. The substantial financial backing for Phenomix's clinically validated precision obesity programs from prominent companies in the health industry underscores the importance precision medicine is poised to have on combating obesity."

This capital will accelerate the commercialization and adoption of the MyPhenome™ test in the obesity specialist market and the wider industry. The MyPhenome test equips physicians with essential tools to develop effective treatment plans including lifestyle and diet intervention as well as medication and/or procedure recommendations. The MyPhenome test identifies obesity phenotypes, subtypes of the disease caused by the interaction of a patient's genes and the environment. These phenotypes include Hungry Gut, Hungry Brain and Emotional Hunger. As demonstrated by Phenomix's co-founders and Mayo Clinic physicians, Andres Acosta, M.D. Ph.D. and Michael Camilleri, M.D. D.Sc., obesity phenotypes help explain why people exhibit varying responses to different treatments.

The funds will also enable the company to develop and launch additional phenotyping tests, continue to support clinical studies and patent novel insights, and further strategic relationships with pharmaceutical companies and health care providers.

The SBIR grant allows the company to perform additional clinical studies demonstrating the value of obesity precision medicine. The sizable award from the NIH is a testament to the importance of this work on the future of obesity treatment as well as the esteemed reputation of Phenomix's founders and significance of their prior studies. Specifically, the grant will fund a prospective study of the MyPhenome test and further prove its accuracy in predicting obesity treatment response.

The company recently launched its new three-in-one MyPhenome obesity phenotyping test,^,including Hungry Gut, Hungry Brain and Emotional Hunger, currently in use by U.S. providers. For more information, visit www.phenomixsciences.com.

About Phenomix Sciences
Phenomix Sciences is a precision obesity biotechnology company on a mission to conquer obesity globally through the use of our proprietary genetic tests, unique data sets, and advanced analytics. Mayo Clinic physicians, scientists, and researchers, Andres Acosta, M.D. Ph.D., and Michael Camilleri, M.D. D.Sc., founded the company after 10 years of rigorous clinical research focused on uncovering the pathophysiology behind the variability in response to obesity treatments. Phenomix believes that the key to understanding obesity is its unprecedented access to clinical and molecular information throughout all stages and phenotypes of the disease. Phenomix leverages data intelligence for yielding better accuracy in predicting individual patient response to specific weight loss interventions and reducing the variability in weight loss results for patients. For more information, please visit www.phenomixsciences.com.

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SOURCE Phenomix Sciences