NEW YORK (GenomeWeb News) – Cardiovascular genomics diagnostics company CardioDx today announced the completion of a $58 million equity financing round.
The company, which recently received Medicare coverage for its coronary artery disease test called Corus CAD, will use the funding to support commercialization of the gene expression test and to develop other genomics diagnostics for cardiovascular disease, it said.
David Levison, president and CEO of CardioDx, said in a statement that the cash injection positions the company to capitalize on the "significant" opportunity to improve the lives of patients with obstructive coronary artery disease, and the Medicare decision "further validates the clinical benefit of and economic rationale for Corus CAD. This additional capital will help us expand our sales force in the US, further broaden reimbursement coverage, and support continued investments in research and development of new products."
Corus CAD was launched in June 2009 as a laboratory-developed test.
Investors in the financing round include Singapore-based investment firm Temasek, as well as existing investors Longitude Capital; Artiman Ventures; Kleiner, Perkins, Caufield & Byers; JP Morgan; Mohr Davidow Ventures; TPG Biotech; Intel Capital; Acadia Woods Partners; Bright Capital; Pappas Ventures; DAG Ventures; Asset Management Group; and GE Capital.
All previous investors also participated in the round, CardioDx said.
In May 2011, the Palo Alto, Calif.-based company raised $60 million in private financing.