CardioDx Raises $35 Million in Equity Financing
- Funding Slated for Further Commercial Deployment of the Corus® CAD Blood Test and Continued Development of Next Generation Products -
REDWOOD CITY, CA – December 18, 2014 - CardioDx, Inc., a molecular diagnostics company specializing in cardiovascular genomics, today announced the close of $35 million in total equity financing. Alberta Investment Management Corporation (AIMCo) participated in this round together with the company's existing investors.
"We are pleased to welcome AIMCo to the CardioDx family," says David Levison, CardioDx Founder, President and Chief Executive Officer. "AIMCo's support further validates our mission, and we are grateful for the continued commitment of our current investors, who recognize our expertise in developing genomic tests to address important unmet clinical needs for coronary artery disease."
The funds will enable CardioDx to broaden the commercial use of Corus CAD, the only clinically validated blood test that uses age, sex and gene expression to measure the likelihood of obstructive coronary artery disease in symptomatic patients, as well as to augment the company's research efforts to improve healthcare quality and efficiency through the development of additional genomic tests for coronary artery disease.
"The Corus CAD blood test is a validated decision-making tool to assist clinicians as they guide their patients through the diagnostic pathway for suspected obstructive coronary artery disease," adds the company's Chief Medical Officer Mark Monane, M.D.
Dr. Monane points to the recent milestone of the receipt of the 100,000th patient sample for the Corus CAD test as evidence of the diagnostic tool's value to clinicians. "This milestone exemplifies the clinical need being addressed by the Corus CAD blood test."
About Obstructive Coronary Artery Disease
Coronary artery disease (CAD) is a very common heart condition in the United States. One in six deaths among Americans is caused by CAD.1 CAD can cause a narrowing or blockage of the coronary arteries (vessels to the heart that supply the heart with blood, oxygen, and nutrients), reducing blood flow to the heart muscle. This narrowing or blockage in the coronary arteries is often referred to as obstructive CAD, characterized by the presence of atherosclerosis, or plaque.
About the Corus CAD Test
Corus CAD is the first and only commercially available blood test that can safely and conveniently help primary care clinicians and cardiologists assess whether or not a stable non-diabetic patient's symptoms may be due to obstructive coronary artery disease. The test incorporates age, sex and gene expression measurements into a single score that indicates the likelihood of obstructive CAD. Clinicians use the Corus CAD score, along with other clinical information, to determine whether further cardiac testing is necessary, which can help patients avoid unnecessary exposure to radiation associated with medical imaging testing, as well as possible reactions to imaging dyes and/or potential complications from invasive cardiac tests requiring catheterization. The test involves a routine blood draw that is conveniently administered in the clinician's office. The Corus CAD test is the only sex-specific test for the evaluation of obstructive CAD because it accounts for key cardiovascular differences between men and women.
The test has been clinically validated in independent male and female patient cohorts, including two prospective, multicenter U.S. studies, PREDICT and COMPASS.2,3 In the COMPASS study, the Corus CAD test outperformed myocardial perfusion imaging (MPI) as a diagnostic tool to exclude obstructive CAD by demonstrating a significantly higher sensitivity (89% vs. 27%, p<0.001) and a significantly higher negative predictive value (96% vs. 88%, p<0.001) than MPI for assessing the presence of obstructive CAD.4 To date, over 100,000 Corus CAD test results have been received from clinicians. CardioDx processes all Corus CAD test samples at its CLIA-certified and CAP-accredited clinical laboratory in Redwood City, California.
The Corus CAD test has been recognized by The Wall Street Journal's Technology Innovation Awards, honored as a Gold Edison Award recipient, and named one of TIME's Top 10 Medical Breakthroughs.
CardioDx, Inc., a molecular diagnostics company specializing in cardiovascular genomics, is committed to developing clinically validated tests that empower clinicians to better tailor care to each individual patient. Strategically focused on coronary artery disease, CardioDx is committed to expanding patient access and improving healthcare quality and efficiency through the commercialization of genomic technologies. Please visit www.cardiodx.com for additional information.
About Alberta Investment Management Corporation (AIMCo)
AIMCo is one of Canada's largest and most diversified institutional investment managers. AIMCo was established on January 1, 2008 with a mandate to provide superior long-term investment results for its clients. AIMCo operates independently from the Government of Alberta and invests globally on behalf of 27 pension, endowment and government funds in the Province of Alberta, including the Alberta Heritage Savings Trust Fund. For more information about AIMCo, visit www.aimco.alberta.ca.
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- Go AS, Mozaffarian D, Roger VL, et al. Heart Disease and Stroke Statistics--2013 Update: A Report From the American Heart Association. Circulation. 2013;127:e6-e245.
- Rosenberg S, Elashoff MR, Beineke P, et al. Multicenter Validation of the Diagnostic Accuracy of a Blood-Based Gene Expression Test for Assessing Obstructive Coronary Artery Disease in Nondiabetic Patients. Ann Intern Med. 2010;153:425-434.
- Thomas GS, Voros S, McPherson JA, et al. A Blood-Based Gene Expression Test for Obstructive Coronary Artery Disease Tested in Symptomatic Nondiabetic Patients Referred for Myocardial Perfusion Imaging: The COMPASS Study. Circ Cardiovasc Genet. 2013;6:154-162.
- The COMPASS study demonstrated that the Corus CAD algorithm has a sensitivity of 89% and an NPV of 96% at the pre-specified threshold of 15 in a population of men and women referred to MPI.