Saladax Biomedical Receives $22.4 Million Strategic Equity Investment From Shanghai Fosun Pharmaceutical Fosun Long March To Serve as Exclusive Distributor of MyCare™ Oncology Assays in China
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.