Cardiovascular genomic diagnostics company CardioDx has raised $58m in its latest venture round. The round saw Singapore-based investment firm Temasek join CardioDx’s previous investors; which include Intel, RU-COM, General Electric, and DAG.
The $58m two-tranche equity financing brought CardioDx’s total venture funding to $192m. In May 2011, the Palo Alto-based firm closed a $60m venture round that attracted a plethora of investors. J.P. Morgan Partners, JPM’s private equity firm, joined RU-COM’s venture unit Bright Capital, investment partnership Acadia Woods Partners and other new investors from venture firms Longitude Capital and Artiman Ventures. Existing backers, which include Intel’s venture arm Intel Capital, General Electric’s growth vehicle GE Capital, Texas Pacific Group’s bio-focussed private equity firm TPG Biotech, and venture firms Kleiner, Perkins, Caufield & Byers (KPCB), Asset Management Group, Mohr Davidow Ventures (MDV), Pappas Ventures, and DAG Ventures (DAG) also participated.
All the investors from the $60m venture round participated in the latest financing.
During May 2010, CardioDx closed a $34.5m series D round. Participants included KPCB, Asset Management Group, DAG, Pappas, MDV, Intel, and GE and TPG, who invested through equity investment fund GE Healthymangination Fund and TPG’s investment platform TPG Growth, respectively.
Intel’s corporate venturing unit had previously led CardioDx’s series C round of $20m in 2009 while Mohr Davidow Ventures invested $9m as part of a $19m Series B with TPG and KPCB in 2006, according to news provider VentureWire.
The latest financing will be used to support the commercial expansion of Corus CAD, a gene expression test for obstructive coronary artery disease.
“This funding positions CardioDx well to capitalize on the significant opportunity to improve the diagnosis of the millions of patients who visit their physicians with symptoms suggestive of obstructive coronary artery disease each year,” said David Levison, president and chief executive officer for CardioDx.
He added: “The favorable Medicare coverage decision that we received earlier this month is a significant milestone that further validates the clinical benefit of and economic rationale for Corus CAD. This additional capital will help us expand our sales force in the U.S., further broaden reimbursement coverage, and support continued investments in research and development of new products.”