OneOme Lands $5.25 Million In Financing Round
Minneapolis-based OneOme LLC has drawn $5.25 million in new financing; 80 percent of the round is debt, 20 percent is equity. OneOme was founded in 2013, backed by Minneapolis-based Invenshure LLC, an incubator and venture investor, and Rochester-based Mayo Clinic.
The company’s RightMed product is software, which, when combined with DNA analysis, generates a report to help avoid or minimize adverse drug reactions in patients.
“We’re able to identify those medications that are metabolized effectively or ineffectively,” said Paul Owen, CEO of OneOme.
The company began selling its product in July; prospective customers are primarily large health care providers. RightMed is already in use at the Mayo Clinic Center for Individualized Medicine.
The technology underpinning OneOme’s software is licensed from the Mayo Clinic. In another Minnesota connection, Owen said that its DNA analysis is done with lab equipment produced by Alexandria-based Douglas Scientific LLC.
The analysis and report costs $249 and yields results in seven to 10 working days.
OneOme is in the emerging field of “pharmacogenomics,” a combination of pharmacology and genomics. A 2015 report by the Kellogg School of Management, part of Northwestern University in Evanston, Illinois, argued that pharmacogenomics could be the “future of health care.”
Owen, who joined as president and chief operating officer in August 2015, was named CEO in May. The company, which currently has about 25 employees, moved to the Highlight Center, which has been drawing several startup companies, in northeast Minneapolis in May.
Two separate filings with the U.S. Securities and Exchange Commission on Tuesday indicated the OneOme was trying to raise a combined total of $4.1 million: $3.5 million in debt and $600,000 in equity. But the company drew more in the oversubscribed financing round.
Owen said that the new financing will help to build OneOme’s sales efforts: “That will bridge us so we can continue to go out and penetrate the market.”