By Jennifer Chiou
New York, June 28 - Exagen Diagnostics, Inc. said it raised $7 million in series B financing, adding to its $5.7 million series A financing in 2004.
Tullis-Dickerson & Co. led investors, which included vSpring Capital and Wasatch Venture Fund.
"This round of funding gives Exagen the resources to accelerate our go-to-market plans and advance our pipeline," said Waneta Tuttle, Exagen president and chief executive officer, in a news release.
"We plan to be the first provider of genomic marker IVD kits for breast cancer that enable widespread use in any CLIA-certified laboratory. Our first tests are the Key2 Breast Cancer Prognosis panel of products that detect changes in DNA copy number in both hormone receptor-positive and hormone receptor-negative tumors."
Exagen, which has headquarters in Albuquerque, N.M., markets and sells IVD kits to laboratories that measure genomic markers to predict likelihood of disease progression or response to pharmaceutical drug treatment.
Other tests include hepatitis C, which is intended to identify patients most likely to respond to standard treatment with interferon and ribavirin.
Exagen also plans to partner with pharmaceutical companies to develop companion response-prediction kits for new therapeutics.
"We believe Exagen is poised to significantly advance patient testing in the very near future," said Thomas Dickerson, chairman of health care-focused equity group Tullis-Dickerson & Co. and chairman of the board of directors at Exagen, in a news release.
"The company's early success so clearly validated our initial investment that we were eager to lead this second round of funding."
Dinesh Patel, partner of vSpring Capital, stated in a release, "We are excited to add resources that keep Exagen focused on bringing its first two products to market next year."
Salt Lake City-based vSpring Capital and Wasatch Venture Fund are both early-stage venture capital funds focused on information technology and life sciences.
| Issuer: | Exagen Diagnostics, Inc.
|
| Issue: | Series B preferred stock
|
| Amount: | $7 million
|
| Investors: | Tullis-Dickerson & Co. (lead); vSpring Capital, Wasatch Venture Fund.
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
