NexDx Raises $2.6 million in Series B Financing and Capital Term Loan
San Diego biotech NexDx, Inc., successfully closed a $2.1 million Series B financing led by founding investor, City Hill Ventures, LLC, and a $500,000 capital term loan from Silicon Valley Bank.
San Diego, CA (PRWEB) June 29, 2012
NexDx, Inc., a science driven molecular diagnostics company providing next generation products and services for personalized medicine in rheumatoid arthritis and other autoimmune diseases, today announced the successful closing of a $2.1 million Series B financing led by founding investor, City Hill Ventures, LLC, and a $500,000 capital term loan from Silicon Valley Bank.
The new funding will support ongoing research and development and will help progress NexDx’s lead molecular diagnostic test for rheumatoid arthritis into analytical and clinical validation.
“This financing by City Hill Ventures, Silicon Valley Bank, and other investors is strong validation of NexDx’s approach to transforming the quality of biomarkers and tests for rheumatologists, patients, and biopharmaceutical companies,” said Jonathan Lim, M.D., NexDx’s Chairman and CEO. “More importantly, it provides NexDx with sufficient capital to advance the development of our technology platform and tackle the important issue of improving the diagnosis of patients with rheumatoid arthritis, an area of significant unmet medical need.”
“We are excited to partner with NexDx and provide them with the financing they need to develop and grow their solution for rheumatoid arthritis and other autoimmune diseases,” said Mike White, senior relationship manager at Silicon Valley Bank. “Silicon Valley Bank is committed to providing life science companies at all stages of growth with the right financial products and services for their specific needs. We look forward to building a longstanding relationship with the NexDx team.”
About NexDx, Inc.
NexDx, Inc., located in San Diego, California, is a science driven molecular diagnostics company providing next generation products and services for personalized medicine in rheumatoid arthritis and other autoimmune diseases.
The company, founded in August 2011 by Jonathan E. Lim, M.D. and Gary S. Firestein, M.D. (Professor of Medicine at UC San Diego), is a pioneer in the application of epigenomics and other next generation molecular approaches to the discovery, development, and commercialization of novel biomarkers and tests for diagnostic and therapeutic applications in autoimmune diseases.
About City Hill Ventures, LLC
City Hill Ventures, LLC is a health care focused venture capital firm based in San Diego, Calif., one of the leading metropolitan area biotech and life science clusters in the world. City Hill Ventures makes primarily seed and early stage investments in private companies in life sciences and health care technology. City Hill's approach to maximizing value is to focus its capital and expertise on only a select group of portfolio companies at a time. This may involve launching a new company around a promising product or technology where City Hill may be a founder. The firm's selectivity ensures that all of its portfolio companies benefit from a high level of attention, which increases their opportunity to be successful.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and seven international operations.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
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