Saladax Biomedical, Inc., a Bethlehem, Pennsylvania-based company developing and commercializing novel diagnostic assays, received a $22.4m strategic equity investment.
The backer was Shanghai Fosun Pharmaceutical Co., Ltd. (Fosun Pharma: 600196.SH), a pharmaceutical and healthcare company in the People’s Republic of China.
The company intends to use the capital to support ongoing clinical development efforts that will lead to the expansion of its MyCare product line, as well as support the commercialization of its current portfolio of MyCare assays.
Saladax recently announced the formation of its clinical laboratory and the mid-2013 availability of its oncology MyCare assays in the U.S.
Founded in 2004 and led by Kevin Harter, CEO & President, Saladax provides MyCare blood tests, which are designed to aid in the management of patients receiving chemotherapy drugs by optimizing treatment efficacy, and reducing associated toxicity and side effects. The initial offering of MyCare assays measure the 5-fluorouracil, paclitaxel and docetaxel and are offered in kit form in markets outside the U.S and will be commercialized through the company’s recently announced CLIA laboratory in the United States. An additional ten MyCare assays are in development and will be offered through established market channels.
Saladax also announced a separate agreement with Fosun Long March Medical Science Co., Ltd., a division of Fosun Pharma, which will serve as the exclusive manufacturing, distribution, and regulatory partner for MyCare™ oncology dose management assays in China.