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CardioDx Raises More than $40M in Series E Round

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Cardiovascular genomics test firm CardioDx has raised more than $40 million in a Series E financing round.

David Levison, CEO of the Palo Alto, Calif.-based company confirmed to GenomeWeb Daily News that the round raised more than $40 million, but he declined to provide a more exact figure. However, a document filed with the US Securities and Exchange Commission last week claimed the company has brought in $57.5 million.

New investor Longitude Capital led the round. Other new investors in the round included Acadia Woods Partners, Bright Capital, JP Morgan Venture Capital. Prior investors in the firm include Kleiner, Perkins, Caufield & Byers; TPG Biotech; Mohr Davidow Ventures; Intel Capital; Pappas Ventures; DAG Ventures; Asset Management; and GE Capital also participated in the round.

Last year, GE Healthcare made a $5 million investment in CardioDx as part of its Series D round.

Proceeds from the round will be used to expand commercialization of the firm's Corus CAD test for obstructive coronary arterial disease, which was launched in mid-2009, Levison said. The gene expression-based test is the "first and only clinically validated blood-based test" for CAD, CardioDx claims on its website, and involves a blood draw in a clinician's office, eliminating risks associated with radiation or imaging agent intolerance to patients.

The company plans to add to its current roster of 11 sales representatives and to expand the geographical availability of Corus CAD, Levison said. The test is currently available in 11 cities throughout the US.

Proceeds also will be used for further development of other tests by CardioDx, he added. In addition to Corus CAD, the company is developing tests for cardiac arrhythmia and heart failure, according to its website.

Levison said that CardioDx expects to have a second closing on the new financing round in 30 to 45 days for an undisclosed amount in order to allow interested investors who missed the deadline for the first closing to participate.

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