Daily News: June 29, 2012

NexDx Closes Term Loan With Silicon Valley Bank


NexDx, Inc., a science driven molecular diagnostics company providing next generation products and services for personalized medicine in rheumatoid arthritis and other autoimmune diseases, announced the closing of a $2.1 million Series B financing led by founding investor, City Hill Ventures, and a $500,000 capital term loan from Silicon Valley Bank.

The new funding will support ongoing research and development and will help progress NexDx’s lead molecular diagnostic test for rheumatoid arthritis into analytical and clinical validation.

“This financing by City Hill Ventures, Silicon Valley Bank, and other investors is strong validation of NexDx’s approach to transforming the quality of biomarkers and tests for rheumatologists, patients, and biopharmaceutical companies,” said Jonathan Lim, M.D., NexDx’s chairman and CEO. “More importantly, it provides NexDx with sufficient capital to advance the development of our technology platform and tackle the important issue of improving the diagnosis of patients with rheumatoid arthritis, an area of significant unmet medical need.”

“We are excited to partner with NexDx and provide them with the financing they need to develop and grow their solution for rheumatoid arthritis and other autoimmune diseases,” said Mike White, senior relationship manager at Silicon Valley Bank. “Silicon Valley Bank is committed to providing life science companies at all stages of growth with the right financial products and services for their specific needs. We look forward to building a longstanding relationship with the NexDx team.”

City Hill Ventures, LLC is a healthcare-focused venture capital firm.

Silicon Valley Bank is a bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses.