Skip to main content
Premium Trial:

Request an Annual Quote

With FDA Clearance of NephroCheck, Astute Secures Access to $30M from CRG

Premium

NEW YORK (GenomeWeb) – With the recent clearance by the US Food and Drug Administration of its NephroCheck test for acute kidney injury, Astute Medical has achieved a milestone under the terms of its loan agreement with CRG which releases from CRG up to $30 million to support commercialization of the test.

An additional $10 million will become available to Astute upon achievement of certain revenue milestones, the companies noted.

CRG is a healthcare investment firm with $1.5 billion in assets that partners with commercial-stage healthcare companies to provide them financing, primarily through structured debt and senior secured loans.

"The investment in Astute Medical represents our continued commitment to providing minimally dilutive financing alternatives to growing companies with novel products,” said Charles Tate, chairman of CRG, said in a statement. “We are excited about the commercial opportunity for NephroCheck, which represents a vast improvement to the current standard for risk assessment of AKI."

The test measures the presence of two proteins – insulin-like growth-factor binding protein 7 (IGFBP7) and tissue inhibitor of metalloproteinases (TIMP-2) – in urine, allowing clinicians to assess in about 20 minutes the risk of a patient developing AKI in the next 12 hours.

According to numbers from Astute, of the more than 5 million critically ill patients accepted into US hospital intensive care units each year, roughly half will develop AKI. The condition is associated with significantly increased hospital stays and readmission rates as well as increased costs and worse patient outcomes.

The Scan

mRNA-Based Vaccine on the Way in China

China may soon have its own mRNA-based vaccine, according to Nature News.

Arranged Killing, Fraud Alleged by Prosecutors

The Wall Street Journal reports that prosecutors allege that the co-founder of a biotech arranged to have a business associate who threatened to expose him as a fraud killed.

Whirlwind Decade of CRISPR

The New York Times looks back at the 10 years since the University of California, Berkeley's Jennifer Doudna and her colleagues published their CRISPR paper.

PNAS Papers on Blue Cone Monochromacy Structural Variants, HIV-1 Mutant, T-ALL

In PNAS this week: structural variants linked to blue cone monochromacy, HIV-1 variants affecting the matrix protein p17, and more.