BETHLEHEM, Pa., June 21, 2011 /PRNewswire/ -- Saladax Biomedical, Inc., a privately held company developing and commercializing novel diagnostic assays to achieve the promise of personalized medicine for new and existing therapeutics, announced today the completion of a $9 million debt financing with GE Capital.
The secured term loan facility will be used for commercialization of the company's My5-FU™ assay, the first of Saladax's innovative dose management tests commercially available in the European Union (EU) and Australia as a convenient diagnostic kit that measures levels of 5-flourouracil, a widely used chemotherapy drug administered in conjunction with other drugs in therapy for colorectal cancer and other solid tumors. The funds will also be used for further development of the company's additional assays.
"We are pleased to welcome GE Capital as an investor in the company," said Edward L. Erickson, president and CEO of Saladax. "This loan facility will enable Saladax to continue developing and commercializing novel diagnostic products to achieve the promise of personalized medicine today."
Peter Gibson, vice president at GE Capital, Healthcare Financial Services – Life Science Finance, said, "Given that drug optimization through dose management has not been prevalent in oncology, we're delighted to invest in Saladax as the company has already achieved tangible results in this area. We look forward to working with the Saladax as it continues expanding into additional markets worldwide."
About Saladax Biomedical, Inc.
Saladax Biomedical develops and commercializes novel diagnostic assays to achieve the promise of personalized medicine through dose management and companion diagnostic products for existing and new therapeutics. The Company's dose management technology enables physicians to optimize drug dosing to meet individual patient needs, leading to improved response and quality of life. The Company's 15 MyCare™ dose management assays are comprised of proprietary, automated and cost-effective in vitro diagnostic tests, with a principal focus in oncology. The first MyCare assay available is for one of the most common anticancer drugs, 5-fluorouracil (5-FU). This assay is available in the United States from Myriad Genetics, sold by Saladax in Europe and will be distributed in Japan by FALCO biosystems. Saladax also works with pharmaceutical companies to develop companion diagnostics to provide important clinical information to assist in developing and administering new and existing compounds. For more information, visit www.saladax.com.
About GE Capital, Healthcare Financial Services
With over $17 billion invested in more than 40 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers. The Life Science Finance team has worked with more than 500 companies throughout the United States, Canada and Europe. With a dedicated focus on assisting life science companies large and small, from the first venture round to post-IPO, the team has provided over $2.5 billion in financing to the market. For more information, visit gecapital.com/healthcare.
Saladax Biomedical, Inc.
SOURCE Saladax Biomedical, Inc.