December 17, 2019 | staff reporter
NEW YORK – LifeVault Bio, a consumer-facing company offering personal biobanking services under the name GoodCell, said Tuesday that it has closed on $5.6 million in financing. That total includes $2.6 million in investments and a $3 million convertible note.
The Waltham, Massachusetts-based startup did not identify the investors or lender.
GoodCell said that it would use the funding to expand the company’s commercial arm, GoodCell Diagnostic, which is developing a test to measure somatic DNA damage as a measure of cell quality over time. The company also expects to form strategic partnerships and expand its workforce.
GoodCell sends sample kits to customers’ homes, who then schedule blood draws with the company’s network of phlebotomists. GoodCell breaks each sample down into cellular, DNA, and plasma components and tests the DNA for genetic predisposition to disease, then stores the material in a biorepository for future retesting. Individuals retain ownership and control of their samples for clinical and research purposes.
“Up until now, existing genetics offerings can only go so far as to inform your genetic makeup. GoodCell is taking that a step further today by combining genetics, health indicator testing, and personal biobanking into one solution, and then turning this information right back to the individual so they can understand the story of their health and leverage actionable data at any age,” CEO Trevor Perry said in a statement.
“Our goal is to set a new standard for personal biobanking as an individual health milestone, and our mission is to ensure our members feel confident and prepared to own their aging experience.”