Genomind Inc. - Most Innovative Company of the Year
Company: Genomind Inc, King of Prussia, PA
Company Description: Genomind is a personalized medicine company bringing innovation to mental healthcare through genetic testing. Genomind’s expert staff is comprised of pioneering researchers and thought leaders in psychiatry and neurology who specialize in pharmacogenetic laboratory testing for psychiatry. Genomind is committed to partnering with clinicians to improve their patients’ lives.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Most Innovative Company of the Year - Up to 100 Employees
Nomination Title: Genomind Inc.
Tell the story about what this nominated organization has achieved since January 1, 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Genomind Inc. is an award winning personalized medicine company bringing innovation to mental healthcare through genetic testing. Genomind is committed to partnering with clinicians to improve their patients’ lives since its inception in 2009.
2016 has been a year of accomplishments and first time recognition for Genomind Inc. Starting in January of 2016 Genomind expanded its product offering by nearly doubling the test panel from ten to eighteen genes. Just a few months later, the company saw its highest volume sales month in the history of the company, tallying over 2,000 tests resulted in just one month compared to an average of about 800-900 per month in the past. This increase also led to the highest revenue month ever in the history of Genomind totaling $1.14 million. This revenue growth allowed us to expand our team by about 71%! We hired 39 new team members since January 1, 2016.
With increased volume of lab tests being processed, we determined that our lab should have some important accreditations. In 2016 Genomind became a CAP (College of American Pathologists) accredited laboratory. In addition we also obtained our New York laboratory certification allowing us to process lab tests from New York without additional approval. These were both very highly regarded accomplishments as both accrediting bodies have very rigorous regulations. This directly shows the high quality results that our lab is resulting on a day to day basis and our commitment as a company to laboratory quality and safety.
With an increase in staff by nearly 71%, it is vital to maintain a satisfying and challenging work environment while providing a great work environment in order to attract and retain top talent in our industry. For the first time in Genomind’s history, we were recognized as one of Modern Healthcare’s Best Places to Work in Healthcare which honors one hundred of the top places to work in healthcare in the United States. In addition, Genomind was listed on the Philadelphia 100 which is a non-solicited list that is handpicked by the Philadelphia Business Alliance recognizing the top 100 growing companies in Philadelphia; a finalist for Lehigh Valley Business of the Year, and finalist for the Patient Impact Award by Life Sciences PA. Most recently, Genomind was awarded the Emerging Company of the Year award from Life Sciences PA which is a highly regarded group focusing on helping life science companies in PA grow and succeed.
In addition to being recognized for our innovative work environment, Genomind was also featured in a variety of marketing segments which were in the local and national spotlight. In March of 2016 Genomind was featured on the Dr. Phil show. In December of 2016 CBS news in Philadelphia did a piece on their Health watch segment showing our lab and one of our patient advocates stating his experience with our Genecept Assay and how it changed his life.
During the course of 2016 a business decision was made to begin a new product line revolving around the consented data that we have collected over the years the goal to enhance and improve the genetic testing landscape as a whole. We began this initiative in June of 2016 and it has been moving steadily forward since. We expect that this product line could add millions of dollars of revenue in the coming months/ years. As a result of these positive events, Genomind secured another round of funding from Silicon Valley Bank, a bank who has a reputation of funding innovative companies poised for success, totaling 11 million dollars. This is Genomind’s third large investment partner in only three years. This round of funding will allow the company to continue to live out our mission of improving patients’ lives through technological advances in genetic testing.
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2016 (up to 150 words).
-Upgraded the Genecept Assay from ten to eighteen genes in January 2016.
-Featured on the Dr. Phil show in March of 2016.
-Life Science PA Patient Impact Award Finalist- March of 2016.
-Named one of Modern Healthcare’s Best Places to Work in May 2016.
-Listed on Philadelphia 100 top 100 companies in June 2016.
-Finalist for Lehigh Valley Business of the Year award in October 2016.
-Emerging Company of the Year by PA Life Sciences in March of 2017.
-Became a CAP and New York accredited laboratory in June of 2016.
-The Genomind Mental Health Poll™ was conducted for the first time. It said that 7 percent of Americans thought the country currently does a good job at dealing with mental illness, while 45 percent felt we do a poor job.
-Raised 11 million dollars by partnering with Silicon Valley Bank, a premier lender in the life sciences industry.
Of the following types of innovation, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2016?