GenXys Health Care Systems announces completion of oversubscribed seed round.
The GenXys team outside their new office location in Gastown
We caught up with Karl Pringle, CEO of GenXys Health Care Systems. GenXys offers precision prescribing software and pharmacogenetic tests to consumers and healthcare professionals to stop adverse drug reactions.
It's been a while since we’ve caught up with GenXys. What’s new with the company?
Difficult to know where to start, we’ve had so many developments recently. Firstly, we just closed an oversubscribed seed round at $1.77 million with key investors TYDO and TELUS Ventures to further develop our solutions. We’ve also grown our team and moved offices to Gastown, it’s a fabulous place to call home in the midst of so many exciting tech companies. Thirdly, we launched our latest software release which enables individual country localization to take into account, for example, medications, guidelines and dosages that are country specific.
Our foundational application is now able to go into every country around the world to solve two major pressing issues; adverse drug reactions and ineffective prescribing. Adverse drug reactions are the fifth largest cause of death in the US and up to half of the prescriptions, globally, do not work as expected.
So many new changes, tell me more about your partnership with the Digital Supercluster and what this means for GenXys?
The Digital SuperCluster Pharmacogenetics project is very exciting and innovative. The project brings together the leadership from three companies - TELUS, Lifelabs, and GenXys - to enable a truly innovative approach towards improving population health within BC, and ultimately across Canada through the digitization of precision prescribing including pharmacogenetics. This is great news not only for Canadians but ultimately anyone who requires medications.
Last time we talked, GenXys was planning to enter the US market. Now that you’re in, can you elaborate on what that journey was like?
Yes, we’ve had a very busy time preparing for and understanding the US market. We have accomplished a lot in a short amount of time and are delighted to report that the market is buoyant for health management optimization tools. The nature of insurance, health care delivery, medication treatment spend, and the rate of adverse drug reactions means the reception to improving the accuracy of prescriptions is very positive. Though the US health market may be complex, it offers an expansive market for us on many levels.
I recently listened to the podcast where Bob Mehr, President and CEO of Pure Integrative Pharmacy talks about his own personal experience with GenXys. It’s a very positive and moving story. How do you see precision prescribing technologies integrating with pharmacies as of now and in the future?
Yeah, Bob has an amazing story. I speak to so many of our customers who have similar life enhancement stories. I also hear from pharmacists who have used our application to rationalize medications for their patients with similar results. Innovative pharmacies like Pure are leading the way in precision medicine delivery using advanced technologies like ours. Certainly, one of the key projects for us is to have our software integrated with pharmacy management systems to help with seamless adoption and value delivery.
Thank you for chatting with us Karl, We look forward to seeing where GenXys will be on our next update.
Thank you, nice to chat with e@UBC again and I look forward to the next set of positive milestones.
Karl Pringle CEO at GenXys Health Care Systems