Saladax Biomedical develops and deploys diagnostic services and products that deliver actionable data to help physicians select and optimize the use of pharmaceutical products. The company’s work targets improving patient health and the economics of care through personalized-medicine diagnostics. Headquartered in Bethlehem, PA, Saladax focuses on commercialization and clinical development of its diagnostics and related services. GE Capital amended an existing senior secured credit facility to provide an additional $8 million multi-draw term loan and modified the terms of a $2 million term loan, bringing the facility to $10 million. The debt financing is intended for working capital to support ongoing commercialization efforts and other corporate purposes. Management says the loan complements a Series D equity raise and will enable increased clinical development and commercialization activities; GE has been the company’s lender for a number of years. Saladax Biomedical develops and commercializes MyCare blood tests designed to aid management of patients receiving chemotherapy by optimizing treatment efficacy and reducing toxicity. Its initial MyCare assays measure 5-fluorouracil, paclitaxel and docetaxel; these are offered in kit form outside the U.S. and will be commercialized through the company’s CLIA laboratory in the United States. The company announced formation of its clinical laboratory and mid-2013 availability of its oncology MyCare assays in the U.S. An additional ten MyCare assays are in development and will be offered through established market channels. Saladax intends to use new capital to support ongoing clinical development, expand the MyCare product line, and commercialize its current portfolio. The company was founded in 2004, is based in Bethlehem, Pennsylvania, and is led by CEO Kevin Harter. Saladax Biomedical is a privately held personalized medicine diagnostics company headquartered in Bethlehem, PA. Its lead product, My5-FU, is a diagnostic kit that measures 5-fluorouracil (5-FU) levels in patient blood and is commercially available in the EU and Australia. The company is developing additional pipeline products in therapeutic dose management and companion diagnostics and markets a MyCare product line. To support commercialization and further development, GE Capital funded an initial $3 million tranche of a $9 million senior secured multi-draw term loan for Saladax. The financing is intended to provide working capital to support commercialization of My5-FU and other corporate purposes. Company management said the facility will help facilitate continued development and commercialization while reducing Saladax's overall cost of capital. Saladax Biomedical develops diagnostic tests aimed at enabling practical delivery of personalized medicine. Its MYCARE line measures blood levels of cancer and central nervous system (CNS) disorder drugs to provide physicians guidance for personalized patient dosing. The company’s products span all stages of development and address a variety of therapeutic areas, with an initial focus in oncology. Saladax said the new funding will be used to accelerate product development and expand clinical support for the MYCARE tests. The company is based in Bethlehem, Pennsylvania. In support of these plans, Saladax closed an $8.4M Series C financing.

Total raised

$48M

Funding rounds

4

Latest round

Debt Financing

Latest activity

Jul 2013