Fore Genomics, Inc.

Deal Terms

Target Capital Raise: Min. $2,000,000.00

Use of Funds: Funding will be used to commercialize Fore Genomics first-in-class, best-in-class genetic health screen designed for newborns, infants and children.  

Minimum Investment: $50,000

Interest: 10%

Maturity: 2-years

Conversion: Next Qualified Financing greater than $1,500,000 or Sale of Company

Conversion Price: Lesser of $7,500,000 “post-money” or 20% Discount to Next Round Stock price

Fore Genomics, Inc. has launched a genetic test designed for newborns, infants & children. Fore’s genetic test is a health screening tool that provides predisposition reports on over 800 conditions and a child’s response to over 100 medications. A predisposition report is not a diagnosis but an indication that you will get sick from a disease in the future without proactive management. Early detection allows for early diagnosis and early intervention. The goal is to allow parents and doctors to treat diseases before a child has symptoms. 

Many genetic diseases, such as cystic fibrosis, sickle cell disease, and metabolic disorders, are not immediately apparent at birth. Early diagnosis can enable timely medical interventions, such as dietary modifications for metabolic disorders (e.g., PKU), targeted drug treatments, or gene therapy. This can significantly improve long-term health outcomes. Some children with undiagnosed genetic conditions go through years of testing before receiving a diagnosis. Genetic screening early in life can reduce this delay, leading to quicker treatment and reducing emotional and financial strain on families.

With Fore’s genetic health screening, parents can detect their child’s risk for hundreds of conditions - an insurance-like product for parents to be proactive about their child’s health. Fore Genomics screens for various rare and serious conditions that span a broad spectrum of genetic disorders. The conditions are updated annually as researchers learn more about these disorders and how to manage them. 

Fore is designed to be easy for parents to use with simple online ordering, virtual genetic counseling, and accessible clinical reporting that can be used in a clinical setting. Fore’s test has been validated through both CLIA and CAP accreditation and is available in all 50 states.

 

Matt is an experienced executive with roles leading operations, finance and business development teams. Prior to Fore, Matt was an early executive at the New York Genome Center where he was a key member of the team that grew NYGC from an idea to a leading genomics research institution. Matt also holds Series SIE, 63 & 79 FINRA  licenses and was a Vice President at Objective Capital Partners providing M&A Advisory, Valuation Advisory, and Corporate Development Services. Matt also founded tatango.com which he successfully exited early in his career and holds a BS in Finance from San Diego State University.

Kyle is responsible for supporting the design of Fore’s test and leading Fore’s partnering activities. Kyle’s education is in molecular biology, and he’s held management roles at GENEWIZ, Qiagen, Genscript & Namocell.

Eland is a healthcare executive with over 15 years of experience in telehealth and pharmacy operations, he’s led significant growth and innovation initiatives at tech companies, driving strategic partnerships and enhancing patient care access. Eland has a strong background in multi-site operations and a passion for healthcare technology with experience at Lemonaid Health and 23&me.

Morgaine Abawi - VP Marketing

Morgaine is a results-driven global marketing leader and board-certified molecular biologist with nearly 15 years of comprehensive experience across diverse business functions. Expertise in driving product commercialization, executing strategic initiatives, and enhancing sales. Proven ability to lead cross-functional teams to exceed business objectives and implement sustainable growth.

Fore’s goal is for every child to have a complete genome sequence at birth and use those genetic insights multiple times throughout their life to personalize their healthcare. Whether predicting their disease risk, determining appropriate treatment, or building patient monitoring plans, Fore provides the foundation for personalized healthcare. Fore’s product is designed to be a buy-once, use often service that gets more precise as the child ages and new gene-disease relationships are curated.

There are 3.6M births per year and 15M+ children under five in the US. None of these children are provided with this technology, which presents a significant opportunity for Fore. 

Fore has additional revenue models that can expand on the initial service, including providing in-silico diagnostic testing, expanded analysis, genetic biomarker discovery, and data licensing. In addition, Fore plans to launch adult tests focused on specific disease risk profiles, e.g., Alzheimer's, and build a profile of proactive screening tests available to families.

Fore has three main competitors in the newborn sequencing market: Nurture Genomics, Picture Genomics, and Revitty. Fore’s test reports on more conditions at a lower price point than all other tests in the market. In addition to Fore’s competitors, there are sponsored research projects at a few institutions.  Data generated from these projects will be used to support Fore’s testing.

Fore is a Genetic Health Screening company different from Carrier Screening, Preimplantation Genetic Testing, NIPT, Newborn Screening and Consumer Genomics. The full table on market and competitive threats is below (link to full file above).  

Fore’s product is easy to use and designed to have the consumer ease of 23&me and the clinical utility of GeneDx. 

 

A parent can easily order online, receive an at-home buccal swab to collect their child’s sample, and submit it to the lab. Within 2-3 weeks, a clinical report is provided. While waiting for the clinical report, a parent can have a pre-test genetic counseling call followed by a post-test call once results are available for review.

Fore has developed clinical management planning tools for all positive cases for doctors to determine best next steps in disease management. These planning tools recommend monitoring strategies, supplemental tests, expert resources, etc. 

In addition to the clinical management tools, Fore provides parents with support services, including connections to rare disease foundations, clinical trials, and other support networks. Many diseases Fore reports on have treatment options; for those that don’t there are typically large patient advocacy networks available for support.

Fore has been launched in the market and is focused on raising capital to scale commercial traction. Fore has an entire DTC funnel complemented by in-clinic and channel partner business development. 

 

The total addressable market is 3.5M births and 15M children under the age of 5 in the USA. As a premium cash pay product, Fore expects 1/10 new parents to be in our target demographic. Fore’s goal is to be at 1,000 samples per month by the end of 2027 which should be achievable based on early got-to-market test & learn strategies. 

Personalized healthcare: Genomic information can inform customized treatment plans tailored to individual genetic makeup.

Early detection and intervention: Genomic screening can identify genetic conditions early, leading to timely interventions and improved outcomes.

Lifelong benefits: The value of genomic screening extends throughout the lifespan, from newborn to adult.

Reanalysis: Genomic data can be reanalyzed over time to identify new genetic variants and refine diagnostic and therapeutic approaches.

Dynamic genome: The human genome is dynamic, and discoveries are constantly being made, emphasizing the importance of ongoing genomic analysis.

Read: Fore vs. Other Genetic Tests. The easiest way to think about it is NIPT, newborns screening and Fore are for the child and Carrier Screening is for the parents to see if there is a chance a child has a disease. 

Read: Different Types of Variants and Genetic Mutations Explained

Myriad: Offers Prequel, Foresight & SneakPeek. Prequel is their NIPT for chromosomal conditions, Foresight is carrier screening and SneakPeek is a consumer test to learn gender early in pregnancy. 

Foresight screens for 4 (CF, SMA, Fragile X) , 14, 176 or 267 conditions depending on test, the 267 condition test is estimated to be present in 1/22 couples with children having 25% chance of having the inherited condition if both parents are positive. Fore includes all conditions screened for by Myriad. It is not clear % of tests sold are at the Fundamental (four conditions) or Universal Plus (267 conditions) levels.

Myriad has sold over 1.5M tests.

Natera: Natera’s main tests are Panorama and Horizon. Panorama is NIPT and Horizon is Carrier Screening. Horizon screens for 14 conditions, combined incidence of 1 in 634 babies affected by one of the conditions they screen for.  

LabCorp: Offers the Inheritest in 2, 3, 14, 110, 143, 350 and 578 gene options for carrier screening. Unclear sales mix of the various tests. Lab Corp has the most robust option for carrier screening but no insights on sales data. 

Billion to One: Different from other options where they use cell free DNA (cfDNA) to sequence the fetus. They report on NIPT chromosomal conditions and 6 recessive conditions (CF, SMA, Sickle Cell, Alpha & Beta Thalassemia & Fragile X). cfDNA may be expanded to include more conditions, whole genome from cfDNA still in research.

2. What are Fore’s plans to pursue insurance reimbursement? 

Fore has engaged US Healthcare consulting for an initial analysis on the requirements to bill payors for Fore’s Genetic Health Screening. Based on the adoption of cancer screening tests (e.g. Cologuard & Grail) and reimbursement for Carrier Screening, Fore believes we have a clear path to broad reimbursement in ~25/50 US States.  Tactically, the easiest path forward is for Fore to add carrier status to our reports and bill under their CPT code with an expected invoice of $2,500 per sample and collections at 60-70% of the billing rate. 

Fore would need to build credentialing and contracting infrastructure and re-design the check-out process to allow for insurance or cash pay options.