CardioDx, a cardiovascular genomic diagnostics company, pulled in an impressive $58 million in new equity financing following a massive round that attracted a Singapore investment firm and 14 previous backers.
Plans call for using the money to propel expanded commercial sales of Corus CAD, a blood-based gene expression diagnostic test for obstructive coronary artery disease. The cash infusion will also help advance development of new, related products.
In a venture funding climate that continues to be tepid overall, CardioDx's funding round--conducted in two tranches--reflects enormous confidence in molecular diagnostics and their expanding use in healthcare. CardioDx also serves as a safer investment because its signature Corus CAD test has been sold in the U.S. since 2009. The diagnostic won reimbursement earlier this month with a major Medicare contractor, making the test a covered benefit for more than 40 million patients. CardioDx President and CEO David Levison said in a statement that the money will support an expansion of the company's U.S. sales force and also help broaden reimbursement coverage for the test.
Singapore-based investment company Temasek joined the new round, which also included previous investors Longitude Capital; Artiman Ventures; Kleiner, Perkins, Caufield & Byers; J.P. Morgan; Mohr Davidow Ventures; TPG Biotech; Intel Capital; Acadia Woods Partners; Bright Capital; Pappas Ventures; DAG Ventures; Asset Management Group; and GE Capital.
CardioDx, which is based in Palo Alto, CA, has raised more than $175 million since is 2004 debut. That includes a whopping $60 million venture funding round in 2011 that became one of the top ten medical device venture capital deals in the first half of that year.
- read the release
Special Report: CardioDx - Top 10 medical device VC deals, H1 2011
Like what you're reading
Click here to get more news delivered to your inbox every day>>