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CMT Solutions Announces Series A Fundraising to Accelerate Patient Access to Precision Medicine

Last Updated: March 16th, 2021

Falls Church, VA – Today CMT Solutions, a leader in patient access services for laboratory diagnostics, announced a close on $10.0MM of Series A fundraising. The investment was co-led by Lytical Ventures, LLC and by Mercury Fund. The Series A funding was a blend of equity and debt.  The debt was provided by Signature Bank, a full-service commercial bank. CMT is using these funds to further develop our technology solution, with a new product launch, that will greatly help the healthcare community with diagnostic testing. Within a rapidly growing testing market, there are basic questions that continue to be barriers for patients and ordering providers: “Will it be covered by insurance?” and How much will this test cost?”. In the laboratory industry 30% of all tests go unfulfilled, primarily due to concerns over coverage and costs.

“Our mission is to help all patients get access to the right test they need to treat their condition or disease. We are truly excited for this partnership with Lytical and Mercury because we are following through with our mission and building out our platform and services.” from Andrew Mignatti, CEO and Co-Founder of CMT Solutions.

Today, there are more than 150,000 genetic tests on the market [1].  Health plans (both private and government) are facing increasing costs coming from genetic testing and the associated therapies they lead to. Beginning in 2017, major plans have implemented new or increased their prior authorization programs for laboratory diagnostic tests. CMT Solutions helps laboratories and physician offices who order diagnostic testing for their patients, by performing the prior authorizations on behalf of the physicians and the laboratories. 

About CMT Solutions

CMT Solutions is the only healthcare services company that is singularly focused on patient access for molecular diagnostics. CMT’s vision is to improve patient access to care and remove barriers involving diagnostic testing through a sustainable solution that efficiently navigates the complex landscape involving payors, laboratories, physicians, and the patient.

The company was founded in 2017 and is based in Northern Virginia, with additional CMT operations center in Orlando, Florida. CMT performs over 20,000 laboratory diagnostic prior authorizations each month, and has in-depth knowledge of laboratory, patient access, payer relations, and healthcare.

About Lytical Ventures

Lytical Ventures is an NYC based venture fund which focuses on corporate intelligence including Cyber Security, Data and Analytics, and Artificial Intelligence. We are a robust team comprised of professionals with decades of combined experience in direct investing and extensive knowledge of our focus areas. Lytical Ventures is an affiliate of Lyrical Partners and is managed from Lyrical’s New York City-based office. Lyrical and its affiliates invest in and manage over $10 billion in private equity, real estate, traditional equity, venture and hedge funds. Its investments have focused on backing entrepreneurial teams with good ideas and helping those teams scale such combination.

About Mercury Fund

Mercury Fund is an early-stage venture capital firm headquartered in Houston, Texas. With over $300 million under management, Mercury invests in entrepreneurs and innovation across Middle America. Our investment themes focus on SaaS, Cloud, and Data Science/AI platforms enabling the digital transformation of markets and industries. Learn more at www.mercuryfund.com.

About Signature Bank

Signature Bank®

Nasdaq: SBNY), member FDIC, is a New York-based, full-service commercial bank with 37 private client offices throughout the metropolitan New York area, including those in Connecticut as well as California and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers.

The Bank has two wholly owned subsidiaries: Signature Financial, LLC, provides equipment finance and leasing; and, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC, offers investment, brokerage, asset management and insurance products and services.

Since commencing operations in May 2001, Signature Bank, with $73.9 billion in assets, is one of the top 40 largest banks in the U.S., based on deposits (S&P Global Market Intelligence). Deposits as of December 31, 2020 reached $63.3 billion.

Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ allows commercial clients to make real-time payments in U.S. dollars, 24/7/365 and was also the first solution to be approved for use by the NYS Department of Financial Services.

For more information, please visit https://www.signatureny.com

[1] Concert Genetics data. 150,182 GTUs as of June 2020. Coding Solution for Genetic Testing. June 29th, 2020


Contact
Press: marketing@cmtsolutions.com
General: info@cmtsolutions.com

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