Healthcare Industry News: Pharmatech
News Release - December 14, 2015
AltheaDx Completes $30M Series C FinancingSAN DIEGO--(Healthcare Sales & Marketing Network)--AltheaDx, Inc., a leading personalized medicine company, today announced it has raised $30 million in Series C financing led by WuXi Healthcare Ventures (“WXHV”).
Among the firms joining WXHV are new investors WuXi Pharmatech, Ally Bridge Group and ALMA Life Sciences. This investment will enable the company to invest in prospective outcome trials for its IDgenetix® testing portfolio and expand its commercial capabilities. The IDgenetix® pharmacogenetics (PGx) testing portfolio enables personalized therapeutic decisions for patients suffering from some of the most prevalent clinical conditions, including: cardiovascular disease, neuropsychiatric disorders and pain. The Series C financing will also provide capital for product enhancements, international opportunities as well as other investments in long-term growth.
"We are thrilled to be co-investing alongside such exceptional firms,” said François Ferré, Ph.D., Co-founder of AltheaDx and co-CEO of ALMA Life Sciences. “Their very broad knowledge of the Biopharmaceutical space as well as their keen understanding of global markets will provide a formidable brain trust to help AltheaDx become a recognized leader in pharmacogenetics.”
"AltheaDx is committed to personalized medicine for therapeutic decision making. Our IDgenetix® product line is a comprehensive group of tests that incorporate a patient’s relevant genetic markers, drug/drug interactions, herbals, OTC, environmental and dietary factors to identify the most appropriate medication for the patient. This investment allows the company to position IDgenetix® as a leading clinically relevant tool in therapeutic decision making,” said Greg Hamilton, AltheaDx’s CEO. “We're excited to have the backing of an experienced group of investors who are supporting us in our continued growth.”
“The era of pharmacogenetic testing is now and AltheaDx has all the crucial components to be a major player in the field,” said Wei Li, Managing Partner of WXHV. “We look forward to working with the management team and supporting the company to become a leading provider of such tests.”
AltheaDx is a commercial stage personalized medicine company which focuses on enabling physicians, managed care organizations, pharmaceutical companies and other healthcare entities to make personalized therapeutic decisions for patients. AltheaDx’s IDgenetix pharmacogenetics product testing portfolio addresses some of the most prevalent clinical conditions in the United States, including cardiovascular disease, neuropsychiatric disorders and pain. AltheaDx is a CAP-accredited, CLIA-certified laboratory located in San Diego, CA. More information is available at www.altheadx.com.
About WuXi Healthcare Ventures
WuXi Healthcare Ventures is a leading cross-border venture capital firm focused in the life sciences and healthcare, with offices in Shanghai and Boston. The firm has assembled a team of seasoned investors and company builders with deep roots in science, technology and innovation. The firm’s mission is to find, seed and develop life science and healthcare businesses that can benefit the most from the firm’s operational expertise, strategic support, capital and the patience of a long-term perspective. For more information, please visit http://www.wuxiventures.com.
About WuXi Pharmatech
WuXi Pharmatech is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology and medical device industries, with operations in China and the United States. As a research-driven and customer-focused company, WuXi Pharmatech provides a broad and integrated portfolio of services throughout the drug and medical device R&D process. WuXi is also building a platform to provide clinical diagnostic services directly to physicians and their patients globally. WuXi Pharmatech's services are designed to assist its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. WuXi Pharmatech's operating subsidiaries are known as WuXi AppTec. For more information, please visit http://www.wuxiapptec.com.
About Ally Bridge Group
Ally Bridge Group ("ABG"), founded and led by Frank Yu, is a global healthcare-focused investment group managing over USD1 billion in assets with a portfolio of innovative healthcare companies in the United States, Europe and China. ABG has expertise in cementing strategic partnerships between emerging healthcare companies and industry leaders, and across different geographies between the United States, Europe and China. On April 30, 2015, ABG announced – and, on Dec. 10, 2015, completed – the USD3.3 billion take-private deal of WuXi Pharmatech, the largest healthcare buyout transaction in Asia Pacific ex-Japan.
About ALMA Life Sciences LLC
ALMA Life Sciences LLC (ALMA), founded by Magda Marquet and François Ferré in 2013, is an early stage investment firm focusing on the creation and growth of innovative healthcare companies. ALMA's portfolio includes over 20 life sciences companies and its main focus is prevention with numerous investments in diagnostics and e-health. ALMA has also been very active in providing early stage investment to a number of therapeutic development companies in the San Diego area.
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