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Saladax Biomedical Receives $22.4 Million Strategic Equity Investment From Shanghai Fosun Pharmaceutical
Date:3/5/2013

BETHLEHEM, Pa., March 5, 2013 /PRNewswire/ -- Saladax Biomedical, Inc., a privately held company developing and commercializing novel diagnostic assays to achieve the promise of personalized medicine for new and existing therapeutics, announced today it has received a $22.4 million (USD) strategic equity investment from Shanghai Fosun Pharmaceutical Co., Ltd. (Fosun Pharma: 600196.SH), a leading pharmaceutical and healthcare company in the People's Republic of China.  The company also announced that, under a separate agreement, Fosun Long March Medical Science Co., Ltd. (Fosun Long March), a division of Fosun Pharma, will serve as the exclusive manufacturing, distribution, and regulatory partner for MyCare™ oncology dose management assays in China.  The Fosun Pharma deal marks the company's fourth major strategic transaction in the last three years. 

Saladax will utilize the funds from this equity investment to support ongoing clinical development efforts that will lead to the expansion of the MyCare product line, as well as support the commercialization of the company's current portfolio of MyCare assays.  Saladax recently announced the formation of its clinical laboratory and the mid-2013 availability of its oncology MyCare assays in the U.S.

"We are delighted by the continued affirmation of our business model through the addition of strategic partnerships with companies like Fosun Pharma. The capital infusion from this transaction will support the commercialization of MyCare assays with the goal of making this valuable proprietary technology available to oncology patients worldwide," said Kevin Harter , CEO & President of Saladax.  "Fosun Long March is the ideal partner to introduce the MyCare portfolio of tests in China, our largest global market, to ensure patients can benefit from the accurat
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SOURCE Saladax Biomedical, Inc.
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