ALBERQUEQUE, NM and SAN DIEGO, CA, Sept. 11, 2017 (GLOBE NEWSWIRE) — Exagen Diagnostics Inc. (“Exagen”), a commercial stage specialty diagnostic company and exclusive home of AVISE testing, announced today that it has completed two significant capitalization events.
The company has entered into a debt financing agreement with an affiliate of Innovatus Capital Partners, LLC (“Innovatus”), to provide Exagen Diagnostics with up to $25 million in term loans. Combined with more than $23 million raised in a Series F equity offering earlier this year, Exagen Diagnostics has raised over $48 million this year to accelerate the commercialization of the company’s proprietary Cell Bound Complement Activation Products (CB-CAPs) technology.
“This funding is a testament to the value we bring to the challenging and costly area of autoimmune disease. Through our unique diagnostic, prognostic and drug monitoring tests we facilitate timely and accurate decision-making so providers can get patients on the road to wellness. This strong capital position will also assists us in maintaining our impressive growth trajectory as we prepare to commercialize our pipeline products and carryout our clinical utility studies“ stated Ron Rocca, Chief Executive Officer of Exagen Diagnostics.
About Exagen Diagnostics
Exagen Diagnostics, Inc. is a College of American Pathologists (CAP) accredited and CLIA certified rheumatology specialty laboratory that focuses on the significant unmet need for accurate and timely diagnosis, prognosis and monitoring of autoimmune connective tissue diseases (CTD). Its groundbreaking solutions address the full continuum of care with tools designed and clinically shown to help physicians deliver accurate, early diagnosis and optimized therapy. For more information, visit www.AviseTest.com
About Innovatus Capital Partners
Innovatus Capital Partners, LLC, is an independent adviser and portfolio management firm with ~$1.7 billion in assets under management. The firm adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. Further information can be found at innovatuscp.com.
Exagen, AVISE, and the Exagen and AVISE logos are registered trademarks of Exagen Diagnostics Inc.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b12f23f6-e185-4356-b2db-d24493641cc7
CONTACT: Kamal Adawi Exagen Diagnostics, Inc. 760-477-5514 IR@exagen.com