Saladax
Biomedical, Inc. announced today the close of an $8.4 million Series
C Preferred offering led by Excel Venture Management of Boston.
Participants included Golden Seeds LLC, Ben Franklin Technology
Partners, and the Life Sciences Greenhouse of Central Pennsylvania, as
well as a number of angel investors. The funding will be used to
accelerate product development and expand clinical support of Saladax’s
MYCARE™ line of diagnostic tests, which measure blood levels of cancer
and Central Nervous System (CNS) disorder drugs, providing physicians
with guidance to personalize patient dosing for optimal efficacy.
“Saladax’s platform can be
applied across a wide range of existing and emerging therapeutic
modalities beginning with chemotherapies, which are some of the most
widely used standard of care medicines.”
“Accurate detection of drug levels in patients can lead to critical
benefits including increased therapeutic efficacy and decreased side
effects. Saladax’s MYCARE™ assays help to overcome the serious and
prevalent flaw of inaccurate drug dosing today,” commented Salvatore
Salamone, chief executive officer of Saladax. “In this very difficult
funding environment, we are pleased that our line of diagnostic tests
continues to gain the support of our investors. These resources will
allow us to continue with the clinical validation of additional
candidates in our line of diagnostic tests in an effort to help make the
benefits of personalized dosing a reality for patients and their
physicians.”
“Saladax’s is the first true personalized medicine platform with the
potential to revolutionize therapeutic intervention and care by
administering an optimal dose on a patient by patient basis” said Dr.
Enrico Petrillo of Excel Venture Management. “Saladax’s platform can be
applied across a wide range of existing and emerging therapeutic
modalities beginning with chemotherapies, which are some of the most
widely used standard of care medicines.”