Navigation Links
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 accurate administration of critical life-saving chemotherapy drugs." 

Saladax's MyCare blood tests are designed to aid in the management of patients receiving chemotherapy drugs by optimizing treatment efficacy, and reducing associated toxicity and side effects.  The initial offering of MyCare assays measure the widely prescribed 5-fluorouracil, paclitaxel and docetaxel and are offered in kit form in markets outside the U.S and will be commercialized through the company's recently announced CLIA laboratory in the United States.  An additional ten MyCare assays are in development and will be offered through established market channels.

UBS Investment Bank acted as exclusive financial advisor to Saladax in connection with the transaction.

About Saladax Biomedical, Inc.

Saladax Biomedical develops novel diagnostic assays for the practical delivery of personalized medicine.  Our proprietary line of MyCare™ assays improves the efficacy of existing drugs by optimizing the dose administered for each individual patient.  Saladax's initial focus is oncology, with a portfolio of 13 chemotherapy drug assays in various stages of development.  Three MyCare assays, My5-FU™, MyPaclitaxel™ and MyDocetaxel™, are currently offered to the oncology community in markets around the world as in vitro diagnostic kits.  MyCare testing services will be available in the US through the Saladax Biomedical Laboratories later this year.

The company's MyCare technology platform is broad and flexible, enabling wide application in many therapeutic categories.  This technology also enables Saladax to serve as a valuable partner to pharmaceutical and biotechnology companies in the development of companion diagnostics (CDx), addressing multiple risks and challenges encountered in drug development.

The company was founded in 2004 and is headquartered in Bethlehem, Pennsylvania.  Saladax is ISO 13485:2003 certified.


'/>"/>
SOURCE Saladax Biomedical, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Saladax Biomedical, Inc. Appoints Mark D. Myslinski as Chief Commercial Officer
2. FDA Grants 510(k) clearance for new Fluke Biomedical ESA615 Electrical Safety Analyzer
3. Fluke Biomedical launches simple, portable, efficient VT305 Gas Flow Analyzer
4. KalVista Pharmaceuticals Wins £2.4m Biomedical Catalyst Grant to Further Develop Oral Plasma Kallikrein Inhibitors as a Treatment for Diabetic Macular Edema
5. Carnegie Mellon University Biomedical Engineers Lead Collaborative Team Developing New Astro Surgery Tools for NASA Deep Space Missions
6. The Biomedical Device Industry in America: Challenges at Home and Abroad
7. NexGen Biomedical, Inc. Provides New Insights Into Jett Travoltas Seizure Related Death
8. Fluke Biomedical device first to achieve environmentally-friendly label
9. Fluke Biomedical launches speedy new ProSim™ SPOT Light SpO2 Functional Tester
10. Cardium Announces Agreement With UK-Based Angel Biomedical For Excellagen Supply And Planned European Market Expansion
11. Biomedical Advanced Research and Development Authority (BARDA) Exercises Option with Pfenex Inc. To Extend Contract for the Development of a Recombinant Protective Antigen (rPA) Based Anthrax Vaccine
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/10/2016)... VIEW, Calif. , Feb. 10, 2016 ... of a synergistic confluence of various technologies ... value propositions, previously unavailable. These opportunities create ... and convergence, in turn, drives the development ... entrepreneurial scenario is characterized by technology convergences, ...
(Date:2/10/2016)... , Feb. 10, 2016 Mast Therapeutics, ... novel, clinical-stage therapies for sickle cell disease and heart ... offering of 29,090,910 units at a price to the ... one share of the Company,s common stock and one ... stock at an exercise price of $0.42 per share. ...
(Date:2/10/2016)... 10, 2016 /PRNewswire/ - The President of New Venture ... release of an anti-radiation product from their Research ... in the treatment of cancer using radiation and ... assist in the healing of radiation burns, even ... protect only the healthy cells from radiation damage. ...
Breaking Medicine Technology:
(Date:2/10/2016)... ... February 10, 2016 , ... ... care communications company offering education, research and medical media, has launched ... working in infectious diseases. , As the all-inclusive resource for infectious disease ...
(Date:2/10/2016)... ... February 10, 2016 , ... MetLoop CEO Jay Southerland ... version at the International Roofing Expo in Orlando, Florida on February 17-19. , ... advanced weather technology in the hands of consumers, roofing contractors, manufacturers and distributors,” ...
(Date:2/10/2016)... (PRWEB) , ... February 10, 2016 , ... ... and Video Remote Interpreting (VRI) within Healthcare, recently partnered with Heart City ... interpreting (VRI). , For nearly 23 years, Heart City Health Center has provided ...
(Date:2/10/2016)... Huntington, NY (PRWEB) , ... February 10, 2016 ... ... web-based compliance tracking solution, The Guard, to associations of medical professionals throughout the ... HIPAA compliance, including security risk assessments, policies and procedures, employee training, regulatory updates, ...
(Date:2/10/2016)... ... ... Emergency rooms provide emergency care to stabilize critical health issues, but emergency dental ... at risk of losing a tooth or their smiles. Dr. Marine Martirosyan, dentist ... include:, , Avulsed or knocked-out teeth , Dislodged ...
Breaking Medicine News(10 mins):