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Awaiting IPO, CardioDx Raises $21M in Private Financing

NEW YORK (GenomeWeb) – Cardiovascular molecular diagnostics company CardioDx has raised $21 million toward a targeted goal of $25 million, it disclosed in a regulatory document filed on Wednesday.

A company spokesperson told GenomeWeb Daily News that the firm is "not commenting on its financing activities at this time."

In a document filed with the US Securities and Exchange Commission, the Redwood City, Calif.-based firm said that the type of securities offered was in the form of equity. It also said that 14 investors have participated in the financing so far, though it did not identify them.

CardioDx develops molecular diagnostics with an initial focus on coronary artery diseases, arrhythmia, and heart failure. Its flagship product is Corus CAD, a gene expression-based test for assessing non-diabetic patients who display symptoms suggestive of obstructive CAD.

CardioDx filed for an initial public offering last year of 5 million shares of common stock, but it has yet to go public. In a preliminary prospectus filed in November, the firm said it planned to offer the shares at between $14 and $16 per share. At the midpoint price of $15, the IPO would bring in about $77.3 million in net proceeds if the offering's underwriters exercise their overallotment options in full.

In an SEC document filed in April, CardioDx said it had $3.9 million in cash and cash equivalents and $22.7 million in short-term investments as of the end of 2013.

The company previously had raised $58 million during the summer of 2012. Before that it raised $60 million in 2011, and in 2010 GE Healthcare invested $5 million in the company as part of a Series D financing round.