Exagen Diagnostics has nailed down a loan for up to $25 million that will help the company expand sales efforts for its rheumatology tests.
Exagen, which is based in Albequerque, NM, plans to use the funding to expand its U.S. sales force to as many as 30 people. They'll have a big job ahead of them, focused on expanding the market for the company's SLE+ test, which helps diagnose or rule out Systemic Lupus Erythematosus but also offers results for 14 other disease biomarkers related to problems with connective tissue.
Separately, the money will help back the development of more rheumatology-related diagnostic tests.
Exagen is already pretty far along. The company's lab is both CLIA-registered and CAP-accredited, and it raised $5.3 million in equity financing a little over a year ago to help fuel both market growth and product development.
In a statement, President and CEO Ron Rocca said, "Exagen will benefit significantly from Capital Royalty's breadth of experience in the healthcare industry and deep knowledge of our business as we advance through our next stages of growth."
Exagen has a number of investors already, including Tullis Health Investors, Sun Mountain Capital, Cottonwood Capital Partners, EPIC Ventures and Mesa Verde Venture Partners. Capital Royalty Partners II will handle the senior secured loan.
- read the release