CardioDx raises $35M privately--continuing to avoid an IPO

Corus CAD test--Courtesy of CardioDx

This spring, CardioDx had readied itself again to make a run at an IPO. But it's opted to take another round of private investment instead. It has raised $35 million in equity from new investor Alberta Investment Management Corporation (AIMCo) alongside existing investors.

The money will go toward further marketing of the Corus CAD test, which the company touts as the only clinically valid blood test to use age, sex and gene expression to measure the likelihood of obstructive coronary artery disease (CAD) in symptomatic patients. It will also support its research efforts for additional CAD tests.

CardioDx CMO Dr. Mark Monane

The test was recently used by the 100,000th patient. "The Corus CAD blood test is a validated decision-making tool to assist clinicians as they guide their patients through the diagnostic pathway for suspected obstructive coronary artery disease," CardioDx Chief Medical Officer Dr. Mark Monane said in a statement.

The Corus CAD test is covered by Aetna, Coventry Health Care and Medicare. It can be used by physicians to determine if further cardiac testing is necessary, helping to eliminate unnecessary procedures and/or imaging. The test also aims to take into account cardiovascular differences between men and women. It requires a blood draw at the physician's office, which is sent to CardioDx's CLIA certified laboratory for processing.

In a clinical trial, the Corus CAD test outperformed myocardial perfusion imaging (MPI) as a diagnostic tool to exclude obstructive CAD with a significantly higher sensitivity and a significantly higher negative predictive value.

The company offered no clue as to if, or when, it might again pursue an IPO. It freshened its S-1 filing in April, but subsequently raised $21 million as a private company in July. It previously postponed an IPO in November 2013 after filing earlier that year in October. CardioDx had only $8 million in 2013 revenue; it launched the Corus CAD test in 2009.

CardioDx investors also include V-Sciences, Longitude Partners, Artiman Ventures, Kleiner Perkins Caufield & Byers, JPMorgan and Revelation.

- here is the release

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