CardioDx Completes $58 Million Financing With GE, Others
CardioDx, Inc., a provider in the field of cardiovascular genomic diagnostics, announced the completion of a $58 million two-tranche equity financing. The financing included Temasek, an Asia investment company based in Singapore; and existing investors Longitude Capital, Artiman Ventures, Kleiner, Perkins, Caufield & Byers, J.P. Morgan, Mohr Davidow Ventures, TPG Biotech, Intel Capital, Acadia Woods Partners, Bright Capital, the venture arm of RU-COM, Pappas Ventures, DAG Ventures, Asset Management Group and GE Capital. All previous investors participated in the round.
Proceeds from the financing will be used to support the commercial expansion of Corus(R) CAD, a gene expression test for obstructive coronary artery disease, and to develop additional genomic diagnostics in the field of cardiovascular disease.
“This funding positions CardioDx well to capitalize on the significant opportunity to improve the diagnosis of the millions of patients who visit their physicians with symptoms suggestive of obstructive coronary artery disease each year,” said David Levison, the company’s president and CEO. “The favorable Medicare coverage decision that we received earlier this month is a significant milestone that further validates the clinical benefit of and economic rationale for Corus CAD. This additional capital will help us expand our sales force in the U.S., further broaden reimbursement coverage, and support continued investments in research and development of new products.”
CardioDx recently announced that Palmetto GBA, a national contractor that administers Medicare benefits, has established coverage for the Corus CAD gene expression test for the evaluation of patients presenting with typical and atypical symptoms suggestive of coronary artery disease. With this decision, the Corus CAD gene expression test is now a covered benefit for more than 40 million Medicare enrollees in the U.S.
With a simple blood draw, Corus CAD can help primary care clinicians and cardiologists exclude obstructive coronary artery disease as the cause of a stable non-diabetic patient’s symptoms.