SAN DIEGO--(BUSINESS WIRE)--Critical Diagnostics, makers of the Presage® ST2 Assay and ASPECT-PLUSTM ST2 Test, both used to help physicians in the management of heart failure patients, today announced it completed an $8.5 million equity financing from a consortium of industry-related investors. Proceeds will be used to continue global commercialization efforts.
“We are pleased that such a sophisticated group of investors has such confidence in our future,” notes David Geliebter, Chairman of Critical Diagnostics, “We believe it serves to underscore the founding principles that have driven this company over the last dozen years, namely to improve the care of patients living with heart failure, by offering innovative solutions that save and improve lives while reducing overall healthcare costs.”
Along with the completion of this financing the Company has announced that effective January 1, 2018, two senior managers have taken on added responsibilities.
Dennis Dalangin has been promoted to Chief Executive Officer of Critical Diagnostics. Dennis has been with the Company since 2012, most recently acting as Vice President, Operations and Global Marketing. Before joining Critical Diagnostics, he was Global Director for anticoagulation solutions at Alere. Prior to Alere, Dennis served as Manager, Global Marketing, at Philips Healthcare. Dennis has a BS in biology from Westmont College in Santa Barbara, CA.
“The future is bright for ST2 and Critical Diagnostics,” says Dalangin. “I’m thrilled to have this opportunity to help guide the company forward.”
Dr. James Snider will remain in his role as President and Director while also officially named as the Chief Scientific Officer. James has extensive experience in product development and operations in both startup and large companies. Prior to joining Critical Diagnostics, James was the Executive Vice President of Business & Operations for IntelligentMD, an early-stage medical device company that focused on the essential elements of disease diagnostics and therapeutic intervention. Previously, he spent eight years at Applied Biosystems (ABI). James holds a B.S. in chemistry from Grand Valley State University and a Ph.D. in chemistry from the University of South Carolina.
“We have accomplished so much over these 12 years to establish ST2 as a clinically valuable biomarker for heart failure patient management,” states Dr. Snider. “With this financial infusion we can now complete the effort.”
ST2 is a soluble protein expressed by the heart in response to disease or injury. It is reflective of ventricular remodeling and cardiac fibrosis associated with heart failure. ST2 is not adversely affected by confounding factors such as age, body mass index and impaired renal function. ST2 levels change quickly in response to changes in the heart failure patient’s condition.
About Critical Diagnostics
Critical Diagnostics (www.criticaldiagnostics.com) develops novel biomarkers to help physicians optimize patient care in cardiovascular diseases, while containing healthcare costs. Critical Diagnostics has distribution partners in 50 countries, covering two-thirds of the world’s population.