GenomeDx Biosciences Secures Financing From CRG
SAN DIEGO, Sept. 28, 2015 /PRNewswire/ -- GenomeDx Biosciences announced today that it has secured expansion financing from CRG, a premier healthcare investment firm, in the form of a senior secured term loan.
"We are pleased to have the support of CRG, an investment partner renowned for its strategic investments in healthcare," said Doug Dolginow, CEO of GenomeDx. "This financing provides us with the opportunity to further our strategic growth initiatives and enables further commercial expansion of our Decipher® franchise of genomic solutions."
"We believe that GenomeDx's application of genomics to solving clinical challenges in oncology is second-to-none," said Charles Tate, Chairman and Founder at CRG. "The company's approach to whole genome profiling of patients suffering from prostate and other urologic cancers will be an important driver in shaping the future of precision medicine. The level of clinical evidence and commercial value already demonstrated by the Decipher® Prostate Cancer Classifier gives us confidence to invest in the next phase of growth for GenomeDx."
The Decipher test is a unique genomic test for men who have had prostate surgery and are considered by guidelines to be at high-risk for their cancer returning. Decipher predicts the probability of metastasis and helps to guide the need for secondary therapy after surgery. The test received CMS coverage for Medicare beneficiaries earlier this year.
GenomeDx recently launched Decipher GRIDTM, its genomics research information database. The GRID is the world's largest clinically annotated urologic cancer genomic expression database, containing thousands of patients and developed through years of clinical research. The company is currently collaborating with major U.S. cancer centers to share data and develop genomic insights that may in the future identify more appropriate treatment strategies or clinical trials of novel agents for patients at the highest risk of developing metastasis or dying of their disease.
About GenomeDx Biosciences
GenomeDx Biosciences is focused on transforming cancer patient care by putting usable genomic information in the hands of patients and their physicians. GenomeDx is developing and commercializing Decipher®, a highly validated genomic test for predicting metastatic disease in men with prostate cancer. In partnership with leading medical centers, the company has assembled the largest genomic catalogue of prostate cancer tumors in the world, representing billions of data points and more than 20 years of prostate cancer research expertise. Using advanced cloud-based bioinformatics, GenomeDx mines the genomic data to develop proprietary tests that address key clinical questions in cancer patient management. GenomeDx has partnered to share genomic data with leading clinician-scientists worldwide to collaboratively enrich the knowledge and understanding of urologic cancers for the goal of improving global cancer patient care. GenomeDx is based in San Diego, California and Vancouver, British Columbia.
Learn more at www.genomedx.com
About CRG
Founded in 2003, CRG (previously known as Capital Royalty L.P.) is a healthcare-focused investment firm with over $2 billion of assets under management that provides capital to healthcare companies primarily through structured debt and senior secured loans. CRG works across the spectrum of life science products and technologies and targets investment sizes ranging between $20 million and $200 million. The firm partners with commercial-stage healthcare companies to provide flexible financing solutions so they can achieve their growth objectives. CRG is headquartered in Houston, Texas with offices in Boulder, Colorado and New York City.
For additional information, please visit www.crglp.com.
Media Contact for GenomeDx Biosciences:
Ian Stone
Canale Communications
619-849-5388
ian@canalecomm.com
Contact for CRG:
Luke Düster
Managing Director
713-209-7361
lduster@crglp.com
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SOURCE GenomeDx Biosciences
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