CNSDose, a biotech startup founded by Dr. Ajeet Singh, received US $1 million in seed investment from two angel investors. The startup intends to use the money to fund a United States trial launch taking place next October. CNSDose also welcomed Andrew Robb, former Australian trade minister, on their board of advisors.
The Melbourne-based startup aims to develop and improve the prescription process of antidepressants by utilizing a genomic test. CNSDose announced last May that they were creating this test to forecast drug requirements focused primarily on Asians.
Dr. Singh, a pharmacogeneticist and psychologist, was inspired to establish the startup by a patient who was referred to him after receiving several inaccurate doses to treat his depression. The patient had already attempted suicide and lost both his marriage and job by the time he was entrusted to Singh’s care.
Singh told Startupsmart, “The usual dogma is you have to knock on 100 funding doors to get one to partially open, but we were fortunate that there was a group of investors quite keen for some precision medicine exposure.”
Singh commented that they emailed Robb to see if he has any advice for depression since he battled it himself. “We weren’t really expecting to get a response but he said that when he saw it ticked a lot of the boxes for what he was interest in. It’s a great blessing, he’s got massive business networks globally.”
The former trade minister commented in a statement that CNSDose could possibly “turn the treatment of depression on its head”. Aside from previously serving as a politician, he has also served as a business consultant.
Learn why VCs need to participate in online investing.
Nestled on a private island, One&Only The Palm Dubai is included in my list of the Top 10 Dubai boutique resorts. Read on.
Find out how to grow your business over tea in NYC.