Pennsylvania diagnostics outfit Saladax Biomedical has secured another $8 million credit facility from GE Capital, complementing its latest funding round and giving the company a cash cushion to market its tests.
The new deal brings Saladax's loan financing to $10 million and comes on the heels of a $22 million Series D in March, money Saladax will use to commercialize its MyCare oncology dose management assays. The company has been rolling out its cancer tests around the world throughout the year, launching in the U.S. last month.
MyCare is a fleet of blood tests designed to measure the effectiveness of specific chemotherapy drugs and ensure patients are getting the right doses, and the company processes its results in a CLIA-certified facility at its headquarters.
While expanding the reach of MyCare is its most pressing engagement, Saladax sees a major part of its future coming from companion diagnostics, and the company has appointed a veteran of Athena Diagnostics to help it cash in on the demand for personalized treatments. John McAuliffe will serve as vice president of companion diagnostics business development for the company, coming aboard after serving 13 years at Athena before it was bought by Quest Diagnostics ($DGX) for $740 million in 2011.
In August, Saladax inked a companion deal with Bristol-Myers Squibb ($BMY), staying mum on which treatment area the two would target with the early development partnership. In 2011, the two united to develop Alzheimer's assays, looking to pair the tests with pipeline BMS drugs.
March's Series D came entirely from China's Shanghai Fosun Pharmaceutical, and the fundraiser came alongside a separate deal with local outfit Fosun Pharma that will get MyCare manufactured and distributed in the country. The company hauled in an $8.4 million Series C back in 2010.
- read the credit announcement
- here's the release on McAuliffe