08.18.14
San Francisco, Calif.-based diaDexus Inc., a commercial stage developer of proprietary cardiovascular diagnostic products, has entered into a $15 million senior secured term loan with Oxford Finance. The company will use the funding to refinance its existing $8.1 million debt from Comerica and advance the company’s development and commercialization of additional diagnostic testing solutions.
“We are pleased to have secured this financing from Oxford,” said Lori Rafield, Ph.D., interim executive chair and chairman of the board for diaDexus. “This loan solidifies our balance sheet and provides the growth capital needed to diversify our portfolio, expand our customer base and support the needs of our established customers. We now have the foundation in place to enable future growth by maximizing sales and marketing efforts directed at our anticipated U.S. launch of the PLAC test for Lp-PLA2 activity and to explore additional partnership and license opportunities.”
Lp-PLA2 (Lipoprotein-associated phospholipase A2) is a risk marker for cardiovascular disease. The PLAC test is the only blood test cleared by the U.S. Food and Drug Administration to aid in assessing an individual’s risk for both heart attack and ischemic stroke associated with atherosclerosis. Eighty-seven percent of strokes are ischemic.
“We strongly believe in the strategic direction that diaDexus is taking and its potential for future growth,” said Christopher A. Herr, managing director for Oxford Finance. “We are pleased to offer financial support to a dynamic company such as diaDexus as it grows its product revenues and broadens its pipeline.”
“We are pleased to have secured this financing from Oxford,” said Lori Rafield, Ph.D., interim executive chair and chairman of the board for diaDexus. “This loan solidifies our balance sheet and provides the growth capital needed to diversify our portfolio, expand our customer base and support the needs of our established customers. We now have the foundation in place to enable future growth by maximizing sales and marketing efforts directed at our anticipated U.S. launch of the PLAC test for Lp-PLA2 activity and to explore additional partnership and license opportunities.”
Lp-PLA2 (Lipoprotein-associated phospholipase A2) is a risk marker for cardiovascular disease. The PLAC test is the only blood test cleared by the U.S. Food and Drug Administration to aid in assessing an individual’s risk for both heart attack and ischemic stroke associated with atherosclerosis. Eighty-seven percent of strokes are ischemic.
“We strongly believe in the strategic direction that diaDexus is taking and its potential for future growth,” said Christopher A. Herr, managing director for Oxford Finance. “We are pleased to offer financial support to a dynamic company such as diaDexus as it grows its product revenues and broadens its pipeline.”