San Diego-based AltheaDx, a precision medicine company developing diagnostic tests that enable doctors to identify a patient’s optimal course of treatment, has raised $30 million in a Series C financing, according to a statement from the company.
WuXi Healthcare Ventures led the deal, which was joined by WuXi PharmaTech, Ally Bridge Group, and ALMA Life Sciences.
AltheaDx said the funding would be used to advance its IDgenetix testing portfolio, expand its commercial business, enhance products, and to invest in long-term growth. IDgenetix helps doctors to make personalized therapeutic decisions for patients with cardiovascular disease, neuropsychiatric disorders, pain, and other prevalent clinical conditions.
“This investment allows the company to position IDgenetix as a leading clinically relevant tool in therapeutic decision-making,” said AltheaDx CEO Greg Hamilton, according to the statement.
Althea Technologies, a San Diego biopharmaceutical manufacturer, spun out AltheaDx in 2008 to identify biomarkers and to advance related genetic testing technologies for use in companion diagnostics. Japan’s Ajinomoto acquired Althea Technologies in 2013 for about $175 million.
Althea Technologies co-founders Francois Ferré and Magda Marquet also co-founded and are co-CEOs of San Diego’s ALMA Life Sciences, an early stage investment firm specializing in healthcare.
Ferré is a co-chairman of AltheaDx, and Marquet is a board member.
Author: Bruce V. Bigelow
In Memoriam: Our dear friend Bruce V. Bigelow passed away on June 29, 2018. He was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here.
Bruce Bigelow joined Xconomy from the business desk of the San Diego Union-Tribune. He was a member of the team of reporters who were awarded the 2006 Pulitzer Prize in National Reporting for uncovering bribes paid to San Diego Republican Rep. Randy “Duke” Cunningham in exchange for special legislation earmarks. He also shared a 2006 award for enterprise reporting from the Society of Business Editors and Writers for “In Harm’s Way,” an article about the extraordinary casualty rate among employees working in Iraq for San Diego’s Titan Corp. He has written extensively about the 2002 corporate accounting scandal at software goliath Peregrine Systems. He also was a Gerald Loeb Award finalist and National Headline Award winner for “The Toymaker,” a 14-part chronicle of a San Diego start-up company. He takes special satisfaction, though, that the series was included in the library for nonfiction narrative journalism at the Nieman Foundation for Journalism at Harvard University.
Bigelow graduated from U.C. Berkeley in 1977 with a degree in English Literature and from the Columbia University Graduate School of Journalism in 1979. Before joining the Union-Tribune in 1990, he worked for the Associated Press in Los Angeles and The Kansas City Times.
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