BETHESDA, Md.--21 June 2011-- GE Capital, Healthcare Financial Services, announced today that it has funded, as agent and sole lender, the initial $3 million tranche of a $9 million senior secured multi-draw term loan for Saladax Biomedical, Inc. The financing provides Saladax with working capital to support commercialization of the company's My5-FU™ assay and for other corporate purposes, including development of additional pipeline products.
Saladax Biomedical, Inc. is a privately held company in the field of personalized medicine. Headquartered in Bethlehem, PA, the company develops diagnostic tests to help physicians optimize drug therapies on an individual patient basis.
My5-FU, the first of Saladax's innovative dose management products, is commercially available in the European Union (EU) and Australia as a convenient diagnostic kit that measures levels of 5-flourouracil (5-FU) in a patient's blood. 5-FU is a widely prescribed chemotherapy drug used in conjunction with other drugs in treatment regimens for colorectal cancer and other solid tumor cancers.
"We value GE Capital, Healthcare Financial Services' industry knowledge and expertise because they quickly understood our business and structured financing that met our capital needs," said Edward L. Erickson, president and CEO of Saladax. "This loan facility will help facilitate the continued development and commercialization of our MyCare™ product line, while reducing our overall cost of capital."
"We are pleased to provide financing to Saladax as the company continues to expand through the introduction of new products," said Anthony Storino, senior managing director, GE Capital, Healthcare Financial Services, Life Sciences. "With a strong lead product and ongoing development programs in therapeutic dose management and companion diagnostics, Saladax continues to grow within the personalized medicine field."
About GE Capital, Healthcare Financial Services
With over $17 billion invested in more than 40 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers. The Life Science Finance team has worked with more than 500 companies throughout the United States, Canada and Europe. With a dedicated focus on assisting life science companies large and small, from the first venture round to post-IPO, the team has provided over $2.5 billion in financing to the market. For more information, visit gecapital.com/healthcare.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) is an advanced technology, services and finance company taking on the world's toughest challenges. For more information, visit ge.com.
Ned Reynolds
GE Capital
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