Exagen Completes $5.3 Million Financing Proceeds to be used for market expansion
ALBUQUERQUE, N.M., Sept. 10, 2012 /PRNewswire/ -- Exagen Diagnostics, a commercial-stage specialty diagnostic company, today announced that it has executed a capital raise of $5.3 million led by Tullis Health Investors. Other investors include Sun Mountain Capital, Cottonwood Technology Fund, Mesa Verde Venture Partners and Epic Ventures. The proceeds will be used to finance market expansion and fund development of near-term pipeline products.
"We are committed to the expansion of our three marketed rheumatology brands, Avise SLE, Avise PG and Avise MCV, as well as the development of several important near-term pipeline products that will assist physicians with the diagnosis and treatment of rheumatologic disorders," said Ron Rocca, Exagen president and chief executive officer. "Many Connective Tissue Diseases are considered chameleon-like or have a wide range of sometimes overlapping symptoms, which adds to the difficulty of correctly diagnosing these diseases. It's our goal to arm physicians with the best tools available to help these patients."
"Exagen is at an exciting point in its development as it expands commercial efforts under the leadership of a team that has successfully executed in the diagnostic space at companies such as Prometheus and Genoptix. Exagen has highly differentiated products with clear clinical benefits in accurately diagnosing and monitoring conditions such as lupus, which are traditionally difficult to accurately diagnose. We look forward to supporting the company," added Curt LaBelle, M.D., chairman of Exagen and managing director at Tullis Health Investors.
Exagen Diagnostics Inc. is committed to improving lives through the development and commercialization of novel diagnostic products that enable physicians to more quickly and accurately diagnose patients. Exagen's CLIA-certified, CAP-accredited laboratory is located in Vista, Calif., with corporate offices in Albuquerque, N.M. To learn more about Exagen and our products please visit www.AviseTest.com.
About Tullis Health Investors
Tullis Health Investors has managed healthcare-focused venture and growth capital funds for over 25 years, targeting late-stage clinical and commercial-stage opportunities where it can add value. Recent Tullis investments include Vidacare, Estech, Coherex, Valeritas and Sirion, and recent liquidity events include Synageva (NASDAQ: GEVA), Impulse Monitoring (acquired by NuVasive) and Atritech (acquired by Boston Scientific).
SOURCE Exagen Diagnostics