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XDx Raising Private Cash After Pulling IPO

SAN FRANCISCO (GenomeWeb News) – Molecular diagnostics firm XDx has started the process of raising cash through a round of private financing just a few months after pulling its planned initial public offering.

XDx President and CEO Pierre Cassigneul said Tuesday at the JPMorgan Healthcare Conference held here that the firm is aiming to raise between $21 million and $25 million in a final private round of financing that it expects to close in the first half of 2010. Those funds will help the firm realize its goal of breaking even in 2010, Cassigneul said.

Also helping the firm achieve that goal is a recent restructuring, which includes cutting 25 staff positions. XDx announced the restructuring in November and said that it would undertake "other cost-saving measures" that are expected to speed the firm's path to profitability, but it did not provide further details regarding those other measures.

At the time, Brisbane, Calif.-based XDx said that it would shift its priorities to efforts that will increase research, development, and commercial activities in support of its AlloMap test for management of heart transplant patients. The firm also intends to continue "selected activities" in autoimmunity.

On Tuesday, Cassigneul said that the firm has two major studies ongoing. The first is comparing the AlloMap test with endomyocardial biopsy. The second is for identifying biomarkers and molecular pathways involved in lupus. The company hopes to eventually sell two tests for lupus – one which will be used for risk stratification and a second that would be used as a predictor of lupus flare-up.

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