SUFFERN, N.Y.--(BUSINESS WIRE)--CDx Diagnostics, Inc. (“CDx”) announced today that it has completed a majority recapitalization with Galen Partners, a healthcare-focused growth equity investment firm and San Francisco-based White Oak Healthcare Finance, LLC (“White Oak”), who led the debt financing. CDx is a specialized anatomic pathology laboratory that utilizes proprietary technology, including advanced neural-network analysis and deep artificial intelligence tools, to enhance the detection of precancerous and cancerous tissue initially in the esophagus and oral cavity.
Mark Rutenberg, CDx’s Founder and CEO, stated, “We are proud of CDx’s history of creating a unique synthesis of computer science, molecular biology, and pathology to provide clinically proven, breakthrough diagnostic tools that have already prevented over 5,000 typically fatal cancers. All of our tests are immediately available to clinicians, require only a few minutes of practice time, are highly cost effective, widely reimbursed, and, most importantly, address a recognized critical gap in the current diagnostic standard of care that results in thousands of otherwise unnecessary cancer deaths each year. I am confident that with the support and guidance of Galen Partners and White Oak, we will now accelerate our rapid growth in revenue, profitability, and clinical acceptance. More importantly, we will be able to advance our progress in making oral, throat, and esophageal cancer diseases of the past.”
CDx is an established cancer diagnostics laboratory with a specific focus on esophageal and oral cancer. CDx’s mission is to provide doctors with the most powerful diagnostic technology to help prevent cancer before it can start. Esophageal cancer is the most rapidly growing cancer in the US and is generally fatal; early detection of precancerous cells leads to improved patient outcomes all while lowering overall healthcare costs. CDx applies neural-network-based three dimensional microscopy to find dangerous abnormal cells before they are allowed to develop into an invasive cancer, and the Company’s unique WATS3D technology has been shown to be four times more effective than the current standard of care at detecting the most dangerous form of esophageal pre-cancer.
“CDx has developed and patented a proprietary tissue sampling and analysis platform that allows for successful detection of dysplasia in tissue,” said White Oak’s Managing Director and Partner, Isaac Soleimani. “The CDx platform is clinically shown to be more effective at detecting high grade esophageal cancer compared to traditional testing methods, creating the opportunity to become the standard of care.”
For more information, please visit www.cdxdiagnostics.com
About CDx Diagnostics and the WATS3D Biopsy
CDx Diagnostics is an established cancer diagnostics laboratory with a specific focus on detecting the precancerous precursors of esophageal and oral cancer. CDx’s mission is to provide doctors with the most powerful diagnostic technology to help prevent cancer before it can start. Unlike traditional testing methods, CDx’s WATS3D test collects a wide-area tissue sample of the entire thickness of the lining of the esophagus, which is then subjected to specialized, computer-assisted, three-dimensional analysis that pinpoints precancerous cells. A recently completed randomized clinical trial conducted at 16 academic medical centers found WATS3D to be four times more effective than the standard random biopsy protocol at detecting the most dangerous form of esophageal precancerous tissue. CDx’s technology permits the early detection of precancerous and cancerous cells, thus improving patient outcomes and lowering healthcare cost.
About Galen Partners
Founded in 1990, Galen Partners is a leading healthcare-focused growth equity investment firm. With nearly $1 billion invested over five funds, Galen has helped build more than 70 companies since our inception. The firm continues a tradition of strategic collaboration and partnership with Founders and management teams to build healthcare market leaders. Under the direction of the Managing Directors Philip Borden, David Jahns and Zubeen Shroff, Galen seeks to make investments in high-growth healthcare companies with revenues greater than $10 million and EBITDA between $0 and $9 million. For more information, please visit www.galen.com.
About White Oak Healthcare Finance
White Oak Healthcare Finance, LLC (“WOHCF”), an affiliate of White Oak Global Advisors, LLC, is a lender to all subsectors within the healthcare industry including healthcare services, pharma and life sciences, medical devices, healthcare technology, healthcare real estate, hospitals and SNFs. WOHCF has deep domain expertise with a sole focus on healthcare which enables it to provide flexible and creative solutions with certainty of execution. WOHCF offers a differentiated product set including cash flow term loans, asset based loans and ABL Stretch facilities, unitranche facilities, last out financings, real estate financings, equipment financings and opportunistic investments. As a lender with large pools of capital to deploy, WOHCF generally holds its full loan positions to maturity.
About White Oak Global Advisors
White Oak Global Advisors, LLC is a leading global alternative asset manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. Since its inception in 2007, White Oak Global Advisors’ disciplined investment process focuses on delivering risk-adjusted investment returns and establishing long term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.