{"data":{"type":"company_profile","id":30350,"entity_id":"wefunder:company:30350","attributes":{"canonical_url":"https://wefunder.com/phenomix","generated_at":"2026-06-04T20:09:32Z","updated_at":"2026-06-04T05:02:09Z","entity_ids":{"company":"wefunder:company:30350","slug":"wefunder:company_slug:phenomix"},"profile_visibility":{"owner_published":true,"public_search_results":true,"site_search_listed":true,"privacy_mode":"promote","invite_only":false},"provenance":{"source":"wefunder_public_company_profile","as_of":"2026-06-04T20:09:32Z","claims":{"total_amount_raised":{"source":"FrontCompanySummary#amount_raised","last_verified_at":"2026-06-04T05:02:09Z","as_of":"2026-06-04T20:09:32Z","confidence":"high"},"total_investors":{"source":"FrontCompanySummary#number_of_investors","last_verified_at":"2026-06-04T05:02:09Z","as_of":"2026-06-04T20:09:32Z","confidence":"high"},"active_raise_states":{"source":"Fundraise.visible(nil, nil)","last_verified_at":"2025-02-06T01:17:55Z","as_of":"2026-06-04T20:09:32Z","confidence":"high"},"latest_fundraise_state":{"source":"Fundraise.visible(nil, nil).order(funding_started_at)","last_verified_at":"2025-02-06T01:17:55Z","as_of":"2026-06-04T20:09:32Z","confidence":"medium"}}},"company":{"id":30350,"entity_id":"wefunder:company:30350","slug":"phenomix","name":"Phenomix Sciences","tagline":"Mayo Clinic startup personalizing weight loss ","elevator_pitch":"Only 30% of patients respond well to a given obesity treatment, but typical treatment is ad hoc, wasting precious time and money. As Mayo Clinic obesity doctors, we've demonstrated\u0026nbsp;that identifying a patient's specific type (aka phenotype) of obesity and personalizing their treatment produces twice the amount of weight loss. With exclusive tech from Mayo Clinic, we are commercializing our first product in the form of a simple blood test to bring forward precision medicine to weight-loss therapy.","location":"Rochester, MN","website":"https://www.phenomixsciences.com","total_amount_raised":288547,"total_investors":125,"is_funded":true,"is_active":true,"quality_score":3,"related_urls":["https://wefunder.com/phenomix","https://www.phenomixsciences.com"]},"media":{"share_image_url":"https://uploads.wefunder.com/uploads/company/cover_photo_version4/30350/retina_cropped_header.jpg","logo_url":"https://uploads.wefunder.com/uploads/company/logo/30350/large_cropped_logo4.png","cover_photo_url":"https://uploads.wefunder.com/uploads/company/cover_photo_version4/30350/standard_cropped_header.jpg"},"links":{"company_url":"https://www.phenomixsciences.com"},"highlights":[],"quick_facts":[],"team":[{"id":364059,"entity_id":"wefunder:company_role:364059","user_entity_id":"wefunder:user:186474","role":"founder","name":"Andres Acosta","title":"Founder and CEO","bio":"Mayo Clinic Physician Scientist. Serial Entrepreneur. Obesity/Diabetes Expert.","avatar_url":"http://uploads.wefunder.com/uploads/user/avatar/186474/large_cropped_3500916_0004_DrAcosta.jpg?1543821596","profile_url":"https://wefunder.com/andresacostac","linkedin_url":"http://www.linkedin.com/in/andres-acosta-m-d-ph-d-624a363","related_urls":["https://wefunder.com/andresacostac"]},{"id":337691,"entity_id":"wefunder:company_role:337691","user_entity_id":"wefunder:user:188178","role":"employee","name":"Ross Higgins","title":"COO","bio":"Operations management, scientist, and business professional with 10+ years experience in clinical laboratory and biotech startups","avatar_url":"http://uploads.wefunder.com/uploads/user/avatar/188178/large_cropped_higgins_headshot_BW.jpg?1543821505","profile_url":"https://wefunder.com/rosshiggins","linkedin_url":"https://www.linkedin.com/in/ross-higgins-103a8338/","related_urls":["https://wefunder.com/rosshiggins"]},{"id":337689,"entity_id":"wefunder:company_role:337689","role":"founder","name":"Michael Camilleri","title":"MD","bio":"Gastroenterologist and Professor at Mayo Clinic. 800 publications and holds multiple patents.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/337689/square_cropped_michael-camilleri-10289402.jpg?1591134570","linkedin_url":"https://www.linkedin.com/in/michael-camilleri-3466b76/","related_urls":[]},{"id":337700,"entity_id":"wefunder:company_role:337700","user_entity_id":"wefunder:user:188241","role":"employee","name":"Erich Heneke","title":"CFO","bio":"Supply chain management, financial accounting and controls, healthcare, financial reporting","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/337700/square_cropped_Heneke_Erich_R_12A-BW.jpg?1543821505","profile_url":"https://wefunder.com/erich.heneke","linkedin_url":"http://www.linkedin.com/in/erichheneke/","related_urls":["https://wefunder.com/erich.heneke"]},{"id":337698,"entity_id":"wefunder:company_role:337698","user_entity_id":"wefunder:user:192495","role":"employee","name":"Sean McCauley","title":"Board Member","bio":"Specialties: Pricing Retail Analytics Data Visualization Consulting","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/337698/square_cropped_square_cropped_sean.jpg?1543821505","profile_url":"https://wefunder.com/seanmccauley","linkedin_url":"http://www.linkedin.com/in/semccauley/","related_urls":["https://wefunder.com/seanmccauley"]},{"id":359764,"entity_id":"wefunder:company_role:359764","role":"employee","name":"Donna Ryan, MD","title":"Phenomix Medical Advisory Board","bio":"Professor Emerita at Pennington Biomedical and President Elect of the World Obesity Federation","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/359764/square_cropped_Ryan_headshot_BW.jpg?1543821505","related_urls":[]},{"id":866844,"entity_id":"wefunder:company_role:866844","user_entity_id":"wefunder:user:667803","role":"employee","name":"Erich Heneke","avatar_url":"https://uploads.wefunder.com/2021/user_default_icon_circle.png?1689807436","profile_url":"https://wefunder.com/erich.heneke.2","related_urls":["https://wefunder.com/erich.heneke.2"]}],"featured_investors":[],"investor_memos":[],"tab_counts":{"posts":5,"ask_questions":17,"featured_investors":0,"faq_entries":5},"active_fundraises":[{"id":21207,"entity_id":"wefunder:fundraise:21207","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"convertible_note","security_type":"debt","currency":"USD","testing_the_waters":false,"min_purchase":1000,"max_purchase":9,"funding_target":200000.0,"minimum_target":"200000.0","funding_started_at":"2018-11-09T22:06:49Z","funding_closed_at":"2019-03-16T04:01:35Z","auto_close_at":"2019-03-16T03:59:59Z"}],"latest_fundraise":{"id":21207,"entity_id":"wefunder:fundraise:21207","state":"successful","offering_type":"4(a)(6)","structure":"convertible_note","testing_the_waters":false,"can_invest_now":false,"funding_started_at":"2018-11-09T22:06:49Z","funding_closed_at":"2019-03-16T04:01:35Z","terms":{"eb":null,"nb":"$9.6M","txt":"valuation cap"}},"recent_posts":[{"id":101277,"entity_id":"wefunder:feed_item:101277","type":"FeedItem::Update","visibility":"public","title":"Campaign closing soon!","preview":"To our investors and supporters,The end is near! We are in the final hours of our campaign and are so excited at the momentum we've seen in the last few days and truly appreciate your continued support.\u0026nbsp;\u0026nbsp;The past few months have been extraordinarily productive for our team. Just to highlight a few, so\u0026nbsp;far we've:-established a\u0026nbsp;lab\u0026nbsp;in a biotech incubator in St. Paul, MN\u0026nbsp;and we've already begun the\u0026nbsp;equipment installation process-added new staff and several new\u0026...","published_at":"2019-03-14T19:44:46Z","author_name":"Ross Higgins","url":"/feed/101277","canonical_url":"https://wefunder.com/feed/101277"},{"id":100766,"entity_id":"wefunder:feed_item:100766","type":"FeedItem::Update","visibility":"public","title":"Campaign Status \u0026amp; Lab Update","preview":"To our investors and followers,\u0026nbsp;I just toured the\u0026nbsp;lab and I'm excited to announce it is ready for move in! The certificate of occupancy should\u0026nbsp;be issued tomorrow or Monday\u0026nbsp;and as soon as it does we will begin moving equipment in and getting settled. The team is also beginning to grow -- a trusted former colleague, who is a brilliant mind with regards to Mass Spec (the type of technology\u0026nbsp;we are using for the metabolomics testing) has joined on as a technical consultant...","published_at":"2019-02-28T17:39:05Z","author_name":"Ross Higgins","url":"/feed/100766","canonical_url":"https://wefunder.com/feed/100766"},{"id":99725,"entity_id":"wefunder:feed_item:99725","type":"FeedItem::Update","visibility":"public","title":"Lab Update -- It's almost done!","preview":"Last Thursday, Andres and I had an opportunity to visit our lab space\u0026nbsp;to see the latest progress. It looks great! The floors were polished last week and benches, sinks, hoods, and\u0026nbsp;casework will all get installed over the next few weeks. We are expecting to move in the week of February 18th after the certificate of occupancy has been issued.\u0026nbsp; Our space will be located at\u0026nbsp;University Enterprise Laboratories in Saint Paul, MN\u0026nbsp;and is home to a number of early stage startup...","published_at":"2019-01-20T23:29:36Z","author_name":"Ross Higgins","url":"/feed/99725","canonical_url":"https://wefunder.com/feed/99725"},{"id":99237,"entity_id":"wefunder:feed_item:99237","type":"FeedItem::Update","visibility":"public","title":"Dr. Acosta featured in Scientific American!","preview":"We are excited to announce that Phenomix Sciences founder and CEO, Dr. Andres Acosta was featured in this month's issue of Scientific American! In the article\u0026nbsp;Mind Over Meal,\u0026nbsp;Dr. Acosta discusses the complex signaling involved in the gut-brain axis\u0026nbsp;and how treatments must be selected based on each patient's unique abnormalities to guide effective weight loss\u0026nbsp;outcomes.\u0026nbsp; The article also features a fresh perspective\u0026nbsp;for how bariatric surgery is actually responsible...","published_at":"2019-01-11T14:42:13Z","author_name":"Ross Higgins","url":"/feed/99237","canonical_url":"https://wefunder.com/feed/99237"},{"id":98224,"entity_id":"wefunder:feed_item:98224","type":"FeedItem::Update","visibility":"public","title":"Exciting progress for Phenomix!","preview":"As we approach the upcoming holidays, we would like to thank you for your immense support of our campaign. In just a few short weeks in the Wefunder community, we have raised $115,000 (over 50% of our minimum goal) from 80+ angel investors just like you!\u0026nbsp;We are very encouraged by the ongoing level of excitement and hope that you will continue to be advocates for us as you spend\u0026nbsp;time with friends, family, and other loved ones over the upcoming holidays. \u0026nbsp;Thank you again for your...","published_at":"2018-12-18T16:40:20Z","author_name":"Ross Higgins","url":"/feed/98224","canonical_url":"https://wefunder.com/feed/98224"}],"q_and_a":[{"id":37878,"entity_id":"wefunder:comment:37878","question":"Since you have decided to limit investment ot $1000 and above, what will happen to the promissory notes purchased at the lower minimum price? Will those promissory notes be prepaid/refunded?","author_name":"Russ Hall","votes":1,"created_at":"2019-03-18T14:28:03Z","canonical_url":"https://wefunder.com/phenomix#question-37878","answers":[{"id":41193,"entity_id":"wefunder:comment:41193","answer":"Hi Russ, we are working diligently with the Wefunder team on this. It is taking longer than we expected, but I have provided them with the list and hope they will process this week!","author_name":"Ross Higgins","votes":0,"created_at":"2019-04-01T17:50:37Z"}]},{"id":109805,"entity_id":"wefunder:comment:109805","question":"What’s the deal with the new lead investor ? How are our shares converted / paid out ?","author_name":"Gregory Baratoff","votes":0,"created_at":"2020-10-10T04:20:55Z","canonical_url":"https://wefunder.com/phenomix#question-109805","answers":[]},{"id":52211,"entity_id":"wefunder:comment:52211","question":"Hi Ross, just wanted to follow up on the refunds. Thanks","author_name":"Zasha Morales","votes":0,"created_at":"2019-05-06T16:54:31Z","canonical_url":"https://wefunder.com/phenomix#question-52211","answers":[]},{"id":43729,"entity_id":"wefunder:comment:43729","question":"Tax return","author_name":"Antonio I Martins","votes":0,"created_at":"2019-04-09T14:53:33Z","canonical_url":"https://wefunder.com/phenomix#question-43729","answers":[]},{"id":37585,"entity_id":"wefunder:comment:37585","question":"I keep hovering around here - your team is excellent, you're backed by a fantastic institution, and personalized medicine is huge and here to stay. My hesitation is how simple it sounds - just 4 types. I already know I eat more food, and less healthy food, when I am stressed. As someone not in my 20s my metabolism has slowed. I'm probably missing something - what can your approach uniquely and powerfully offer that I don't already know or can't figure out easily? Thanks!","author_name":"Alan Jacobson","votes":0,"created_at":"2019-03-15T09:13:12Z","canonical_url":"https://wefunder.com/phenomix#question-37585","answers":[{"id":37648,"entity_id":"wefunder:comment:37648","answer":"Hi Alan, Sorry for the delay; I submitted a reply earlier, but it never posted to the site. Anyways, what you are hinting towards is a very important feature of these phenotypes. Many people have a dominant and secondary phenotype (which is also reported by the test). Obesity is a complex disease and most patients (and physicians) are not able to identify the phenotypes very accurately. This is part of the reason that current treatments produce only about a 30% success rate at meaningful weight loss. If phenotying is used to guide therapy, you can increase that to about 70% and on average double the amount of weight loss, simply by selecting the right interventions for the right patients. There is also a bit of a misnomer that all obesity is caused by poor dietary choices or lack of physical activity. While these can be important aspects of the disease, satiety and satiation are important features as well (and represent the “hungry gut” and “hungry brain” phenotypes). To give an example, if an individual has a dominant phenotype of hungry gut, they are getting hungry signals between meals and therefore the most effective treatments for this type of patient will be those that address the \"early\" hungry signals (some anti-obesity medications such as liraglutide work on this mechanism). Diet and exercise alone would be unlikely to lead to meaningful weight loss for these types of individuals. All in all, I know the 4 phenotypes might seem simple and that is by design-- we want the test results to easy enough to understand and apply clinically, especially to those who are unfamiliar with the underlying methodologies and application of \"multi-omics.\" I hope this helps clear things up a bit. We would love to have you as part of the team and hope you'll consider an investment!","author_name":"Ross Higgins","votes":0,"created_at":"2019-03-15T23:33:08Z"}]},{"id":36795,"entity_id":"wefunder:comment:36795","question":"Did the closing date of this round changed from Mar 30, 2019 to Mar 15th now? What is the reason if so? thanks.","author_name":"Jennifer Pham","votes":0,"created_at":"2019-03-12T17:48:28Z","canonical_url":"https://wefunder.com/phenomix#question-36795","answers":[{"id":36798,"entity_id":"wefunder:comment:36798","answer":"Hi Jennifer, we moved the date a few weeks earlier because we exceeded the $200K goal we established for our campaign and are now ready to put the funds we've raised on the platform towards our commercialization efforts. As you can see on our \"updates\" page, the lab was recently completed and the team is eager begin the validation and certification processes which we are required to complete before we can launch/begin selling the test.","author_name":"Ross Higgins","votes":0,"created_at":"2019-03-12T18:13:29Z"}]},{"id":36633,"entity_id":"wefunder:comment:36633","question":"Hi, Why are you using a platform like WeFunder to raise your seed round instead of going out to your professional colleagues, or angels etc. With a name like Mayo you should be able to get a lot of interest? Also you are close to your deadline but only 25% funded; what is your plan if you don't raise the full $1M? Thanks","author_name":"Swarna Balasubramaniam","votes":0,"created_at":"2019-03-11T04:48:37Z","canonical_url":"https://wefunder.com/phenomix#question-36633","answers":[{"id":36797,"entity_id":"wefunder:comment:36797","answer":"Hi Swarna, we chose to use Wefunder to give us an easy to use platform to manage investments from a variety of sources, including our friends, family, and extended networks. Many of the people in our networks are not accustomed to angel investing (and many are also not accredited investors) so Wefunder's platform has allowed us to simplify/streamline the investment process and makes everything a little easier to manage when working with these smaller investment amounts. Regarding your second question, WeFunder is not our only channel for fundraising. We are actively raising capital from other sources as well as business grants and expect to close approximately $1M for our \"seed round\" (to include the WeFunder proceeds) very soon prior to Series A, which will likely include angel funds and VCs.","author_name":"Ross Higgins","votes":0,"created_at":"2019-03-12T18:06:49Z"}]},{"id":36622,"entity_id":"wefunder:comment:36622","question":"Okay, I took a shot and invested at the higher minimum because I wanted to bet on the jockey. May I use the 20% discount on the the test to help a sibling who needs the help more than me for my perk?","author_name":"Peter Chrustowski","votes":0,"created_at":"2019-03-10T22:26:05Z","canonical_url":"https://wefunder.com/phenomix#question-36622","answers":[{"id":36626,"entity_id":"wefunder:comment:36626","answer":"Thanks for your investment Peter! And yes, the discounted test may be used for immediate family members. We will send details for that as we approach our commercial launch.","author_name":"Ross Higgins","votes":0,"created_at":"2019-03-11T01:04:20Z"}]},{"id":36498,"entity_id":"wefunder:comment:36498","question":"Can you please lower the minimum investment?","author_name":"Peter Chrustowski","votes":0,"created_at":"2019-03-08T19:04:55Z","canonical_url":"https://wefunder.com/phenomix#question-36498","answers":[{"id":36507,"entity_id":"wefunder:comment:36507","answer":"Hi Peter, we have made the decision to increase our minimum investment threshold. I hope you will still consider an investment of $1,000 or more in our seed round.","author_name":"Ross Higgins","votes":0,"created_at":"2019-03-08T21:22:27Z"}]},{"id":36497,"entity_id":"wefunder:comment:36497","question":"Why are you taking down posts? I am requesting to get in at the lower minimum that you posted last week. Can you please lower the minimum down to $100 or $250 so that I can get in at an affordable price? Thanks. Regards, Peter","author_name":"Peter Chrustowski","votes":0,"created_at":"2019-03-08T18:58:08Z","canonical_url":"https://wefunder.com/phenomix#question-36497","answers":[{"id":36506,"entity_id":"wefunder:comment:36506","answer":"Hi Peter, We have not removed any posts, but I have noticed that there is sometimes a lag time for them to show up on the site. As I replied to your earlier post, we increased our minimum investment amount to $1,000 for this round of financing. We hope you will still consider an investment!","author_name":"Ross Higgins","votes":0,"created_at":"2019-03-08T21:21:14Z"}]},{"id":36493,"entity_id":"wefunder:comment:36493","question":"Hello, I wanted to invest at the lower minimum that was posted last week which was either $100.00 or $ 250.00. I am a Crowdability Private Market Profits reader and they advertised the lower minimum. Can you please let me in at the lower minimum price so I can get in at $250.00? Thanks. Regards, Peter","author_name":"Peter Chrustowski","votes":0,"created_at":"2019-03-08T17:34:21Z","canonical_url":"https://wefunder.com/phenomix#question-36493","answers":[{"id":36504,"entity_id":"wefunder:comment:36504","answer":"Hi Peter, Earlier this week we increased our minimum investment to $1,000. I'm sorry for any inconvenience, but we do hope you will still consider making an investment of $1,000 or more in our seed round.","author_name":"Ross Higgins","votes":0,"created_at":"2019-03-08T21:18:52Z"}]},{"id":36437,"entity_id":"wefunder:comment:36437","question":"Did the minimum investment change? I thought the minimum was 100.00 and not 1k.","author_name":"Yves Cuyugan","votes":0,"created_at":"2019-03-08T04:46:38Z","canonical_url":"https://wefunder.com/phenomix#question-36437","answers":[{"id":36503,"entity_id":"wefunder:comment:36503","answer":"Hi Yves, Earlier this week we increased our minimum investment to $1,000. We hope you will still consider making an investment!","author_name":"Ross Higgins","votes":0,"created_at":"2019-03-08T21:13:29Z"}]},{"id":34245,"entity_id":"wefunder:comment:34245","question":"I’m looking to invest but I have a few questions. 1. What type of approval will you need from the FDA? 2. Have you thought of expanding internationally? 3. With the Series A can you give me a rough estimate when you expect to start it?","author_name":"Carlos Gamez","votes":0,"created_at":"2019-01-30T22:14:48Z","canonical_url":"https://wefunder.com/phenomix#question-34245","answers":[{"id":34599,"entity_id":"wefunder:comment:34599","answer":"Hi Carlos, Thanks for your questions and interest in Phenomix! 1. Physician ordered tests developed within a specific lab such as ours (called \"Lab Developed Tests\") are presently regulated through CLIA standards (with oversight from CMS and/or deemed accrediting agencies such as the College of American Pathologists). The FDA has expressed interest in assuming this oversight authority in the future, which if approved by congress, would likely occur over a 5-10 year transition period. For now, our business model doesn't depend on FDA approval. However, it is on our roadmap for further consideration since seeking FDA approval proactively could open up new distribution opportunities, for instance, selling \"Direct to Consumer\" without an MD order, or selling the test as an IVD kit that can be performed in other labs (both of those scenarios could be enabled with FDA approval under the current rules). 2. Yes, obesity is a a problem in many other parts of the world so we see this as an important part of our 3-year strategy plan. Rather than setting up labs around the world, we would likely establish partnerships with regional lab hubs abroad and allow them to run the test under a license agreement. 3. We hope to close on a series A raise by mid-year. We are already in active discussions with several venture groups, angel funds, as well as potential \"strategic\" partners within the lab diagnostics and pharmaceutical space.","author_name":"Ross Higgins","votes":2,"created_at":"2019-02-07T18:05:19Z"}]},{"id":32627,"entity_id":"wefunder:comment:32627","question":"Any updates on the lab retrofitting?","author_name":"Nick Mackesty","votes":0,"created_at":"2019-01-02T07:55:15Z","canonical_url":"https://wefunder.com/phenomix#question-32627","answers":[{"id":33106,"entity_id":"wefunder:comment:33106","answer":"Hi Nick! Sorry for the delay getting back to you. The retrofitting of the space is nearly complete and we are being told that we can begin occupancy on or around February 1, 2019! We are taking a hardhat tour next week and will be sure to post some pictures of the progress!","author_name":"Ross Higgins","votes":0,"created_at":"2019-01-10T15:22:30Z"}]},{"id":31540,"entity_id":"wefunder:comment:31540","question":"Hi Ross, big supporter of Mayo and place a lot of trust in any originated research growing up in Rochester so I have a lot of trust in the science and management team here and believe this product is well positioned. I am also an early adopter (~3yrs ago) of 23\u0026amp;Me and DNAFit so I have some familiarity with the phenotype testing and have a basic understanding of the product efficacy and actionable insight so I am really excited this type of research is continuing to make great progress! I plan to invest and support the Company but I do have a few diligence questions that would help give me a better understanding of the Company's strategic plans and direction. 1. What is the plan to either retire or convert the notes either following the Series A round or prior to maturity? 2. What are Dr. Acosta and Camilleri's long-term plans in terms of continued research and generating more IP? 3. Is there any visibility in terms of potential strategic partnerships with Gila Therapeutics? Are there any strategic opportunities currently being considered down the road with Gila Therapeutics? 4. What key staffing needs do you plan to fill out first and what is Phenomix's timeline in terms of building out the finance function to prepare for future reinvestment in the business, sustaining and financing operations, and exploring future strategic and financial opportunities? 5. Would it be fair to assume if FDA approvals are not granted that the plan would still move towards a direct to consumer business model? 6. What kind of gross margin are you projecting per kit and future virtual MD services? Thanks in advance! Appreciate any insight and wish you continued success as you continue moving forward with Phenomix's efforts!","author_name":"Nicolas Suarez","votes":0,"created_at":"2018-12-07T22:24:20Z","canonical_url":"https://wefunder.com/phenomix#question-31540","answers":[{"id":31569,"entity_id":"wefunder:comment:31569","answer":"Hi Nicolas, thank you for your questions and for your support of our organization! 1. At the present time, we are planning to raise Series A before the maturity date of the note. The amount of equity you would receive upon a conversion event will be based on the Series A valuation (TBD), the discount rate (20%) and valuation cap (9.6M). 2. Regarding ongoing research and IP: Both Dr. Acosta and Dr. Camilleri are well-funded by NIH, foundations, and industry partners to continue their research. We expect more IP from Mayo, but the company is developing its own IP as well. 3. Regarding partnerships with Gila: Gila Therapeutics was founded by Dr. Acosta in 2014. He managed to put together a great team and raised $5M dollars while working 80 hours during his fellowship. While both companies are founded by Dr. Acosta, they will be completely independent. Clearly, Gila Therapeutics and other companies developing novel therapeutics will benefit from obesity segmentation and identifying best responders, so we think there will be various opportunities for partnerships for Phenomix in the future. 4. Our first priorities from a staffing standpoint are key hires for the lab and business development functions. In a prior startup I was involved in, we waited too long to hire BD, so I want to make sure we are in front of our customers (and strategic partners) as quickly as possible. Certain other functions like marketing, will not be brought internally to Phenomix until we get some traction. Regarding the finance aspect, we have an interim CFO, Erich Heneke, and he is doing a great job managing these functions right now. We will re-evaluate as the business grows to determine if this needs to turn into a full time role. 5. Our business model is not dependent on FDA approval and our initial product will be brought to market as a CLIA lab developed test (LDT). Many companies are using telehealth providers to facilitate patient access to laboratory testing in a more consumer friendly manner (we don’t like to call it DTC since a healthcare provider is still involved on the back end). We do plan to explore these options in the first year of commercialization and in the longer term, build out our own virtual clinic solution. 6. Regarding gross-margin for the virtual clinic: it is difficult to predict at this point. This is a longer term vision, dependent on significant funds in Series B and the business model needs more refinement. We have focused our efforts building out an attractive model for the first phase of the business (the PhenoTest).","author_name":"Ross Higgins","votes":0,"created_at":"2018-12-08T18:12:04Z"}]},{"id":31141,"entity_id":"wefunder:comment:31141","question":"Your timeline states start selling in 45 states in q2 of 2019. Do you plan to, and if so when will you start partnering with clinicians? Also the CLIA sounds straight forward, but does the team have experience meeting these requirements, are there any backup plans if this is not accomplished timely?","author_name":"Gentry Lynn Fugate","votes":0,"created_at":"2018-11-30T15:51:23Z","canonical_url":"https://wefunder.com/phenomix#question-31141","answers":[{"id":31180,"entity_id":"wefunder:comment:31180","answer":"Hi Gentry, great question! The test will be a physician-ordered product and regulations specify that clinical testing for humans must be performed in a CLIA-registered, certified, or accredited laboratory. CLIA is a federal mandate (carried out through CMS), but a handful of states such as CA, PA, MD, RI, and NY have enacted additional registration procedures specific for samples tested from their states. To address those specific requirements (for the former 4), it is best to achieve CAP-accreditation prior to applying for those state licenses. CAP-accreditation can only occur after operations have begun under a CLIA certificate of registration (usually achieved within the first 3-4 months). NY performs their own audit, which can be a year long+ process. With regards to your second question -- Yes, our team has a lot of experience in meeting these requirements. In fact at my previous company (OneOme), I oversaw the lab buildout and accreditation process, which we got through with a perfect scorecard from our CAP inspector. Should Phenomix experience any major delays in getting our own lab or accreditation established, there is the possibility of using third party CLIA laboratories that have already met applicable regulatory requirements. At the present time, this is not our preferred approach because third party testing negatively impacts the margins and puts lab quality/turn-around time in the hands of another company, but could be a short term solution if it becomes necessary.","author_name":"Ross Higgins","votes":0,"created_at":"2018-11-30T19:19:57Z"}]},{"id":31131,"entity_id":"wefunder:comment:31131","question":"I just invested because I'm excited about your potential. Great team with terrific experience, and the Mayo Clinic is impressive and lends tremendous credibility. I have just a couple of questions before I possibly do more: 1. Can you describe your IP and the barriers to entry for others a little more - I get that you have certain potentially proprietary formulas, but how easy would it be for another company to do basically the same thing you are doing with different formulas or methods? 2. The finances: As of today what is your cash on hand and monthly burn, how much of that burn is fixed costs, and given a very conservative estimate of growth what is your runway pre-raise? 3. Finally, regarding the science, what ongoing research are you doing to augment that initial 500 person study? Thanks!","author_name":"Alan Jacobson","votes":0,"created_at":"2018-11-30T12:02:28Z","canonical_url":"https://wefunder.com/phenomix#question-31131","answers":[{"id":31308,"entity_id":"wefunder:comment:31308","answer":"Hi Alan, Thank you for your investment and the thoughtful and highly relevant questions. 1. Regarding IP, we have just recently converted our provisional patent filing to a non-provisional application. Our submission covers the formula, but also the application of multi-omics to produce phenotypic sub-classifications of diseases. We believe the strength of our IP is not necessarily just the weights applied to variables within the formula (those could be improved over time), but rather the combination of many variables of DNA, metabolites, peptides, RNA, etc. that we use now or will use in future versions of the test. This also gets to the root of why we want to have our own lab – and that is so that we can keep the application of our patent within our own hands. If we were to outsource our testing to other labs, there would likely be some level of disclosures required, so we want to avoid this and hold as much as a trade secret as possible. 2. Regarding the finances: As of today, our cash on hand is $37K. Our monthly burn for the last 3 months has averaged $25,500. Major drivers of recent spending include professional services (legal and consulting), deposits for laboratory equipment, and payroll. Fixed costs will increase as we build the team and prepare for launch, but right now we consider most if not all of our expenses variable as they could be ceased or paused as required by the business. In terms of runway, we anticipate the $1M seed round will carry us through launch in Q2 (capital timing dependent) and 1-2 months thereafter. We intend to actively raise 3-4M in Series A upon conclusion of the Seed round and have already begun discussions two pharmaceutical companies and several VCs that operate within our space. 3. In addition to the studies described on our campaign, there is an active trial at Mayo with a cohort of 100 participants. With the series A raise, we intend to begin some additional trials that would address more ethnically diverse populations, multiple treatment centers, and prospective randomized controlled trials that would help drive payor coverage and clinical utility.","author_name":"Ross Higgins","votes":0,"created_at":"2018-12-03T13:32:55Z"}]}],"faq":[{"question":"I just invested because I'm excited about your potential. Great team with terrific experience, and the Mayo Clinic is impressive and lends tremendous credibility. I have just a couple of questions before I possibly do more: 1. Can you describe your IP and the barriers to entry...","answer":"Hi Alan, Thank you for your investment and the thoughtful and highly relevant questions. 1. Regarding IP, we have just recently converted our provisional patent filing to a non-provisional application. Our submission covers the formula, but also the application of multi-omics to produce phenotypic sub-classifications of diseases. We believe the strength of our IP is not necessarily just the weights applied to variables within the formula (those could be improved over time), but rather the com..."},{"question":"Your timeline states start selling in 45 states in q2 of 2019. Do you plan to, and if so when will you start partnering with clinicians? Also the CLIA sounds straight forward, but does the team have experience meeting these requirements, are there any backup plans if this is n...","answer":"Hi Gentry, great question! The test will be a physician-ordered product and regulations specify that clinical testing for humans must be performed in a CLIA-registered, certified, or accredited laboratory. CLIA is a federal mandate (carried out through CMS), but a handful of states such as CA, PA, MD, RI, and NY have enacted additional registration procedures specific for samples tested from their states. To address those specific requirements (for the former 4), it is best to achieve CAP-acc..."},{"question":"Hi Ross, big supporter of Mayo and place a lot of trust in any originated research growing up in Rochester so I have a lot of trust in the science and management team here and believe this product is well positioned. I am also an early adopter (~3yrs ago) of 23\u0026amp;Me and DNAF...","answer":"Hi Nicolas, thank you for your questions and for your support of our organization! 1. At the present time, we are planning to raise Series A before the maturity date of the note. The amount of equity you would receive upon a conversion event will be based on the Series A valuation (TBD), the discount rate (20%) and valuation cap (9.6M). 2. Regarding ongoing research and IP: Both Dr. Acosta and Dr. Camilleri are well-funded by NIH, foundations, and industry partners to continue their research...."},{"question":"Any updates on the lab retrofitting?","answer":"Hi Nick! Sorry for the delay getting back to you. The retrofitting of the space is nearly complete and we are being told that we can begin occupancy on or around February 1, 2019! We are taking a hardhat tour next week and will be sure to post some pictures of the progress!"},{"question":"I’m looking to invest but I have a few questions. 1. What type of approval will you need from the FDA? 2. Have you thought of expanding internationally? 3. With the Series A can you give me a rough estimate when you expect to start it?","answer":"Hi Carlos, Thanks for your questions and interest in Phenomix! 1. Physician ordered tests developed within a specific lab such as ours (called \"Lab Developed Tests\") are presently regulated through CLIA standards (with oversight from CMS and/or deemed accrediting agencies such as the College of American Pathologists). The FDA has expressed interest in assuming this oversight authority in the future, which if approved by congress, would likely occur over a 5-10 year transition period. For now,..."}]}}}