NEW YORK (GenomeWeb) — Startup Cadex Genomics today announced it has raised $1.5 million in seed financing, which it will use to expand clinical studies, acquire intellectual property, and further its business plan.
The financing was led by the Redwood City, California-based firm's founders, and a group of angel investors, comprising mostly physicians. Its lead product is a blood-based assay, called Alibrex, for monitoring stage IV solid tumor cancer therapy. The test uses a routine venous blood draw and leverages PCR technology to assess whether the therapy is working within two weeks after a patient has started the regimen, allowing an oncologist to adjust the treatment, Cadex said.
The firm, founded in 2018, also announced Sudhir Sinha has joined Cadex as its chief science officer. Additionally, it named Greg Schafer its chief commercial officer, Gary Spitzer as chief medical officer, and Patrick Hall as senior vice president of medical affairs. Bill Haack is Cadex's CEO. He, Schafer, and Hall previously worked at Genomic Health to help commercialize that firm's Oncotype DX Breast assay.