Saladax obtains $22.4m strategic equity investment from Shanghai Fosun Pharmaceutical

Saladax is planning to use the equity investment fund to expand its product line and commercialize its existing MyCare products.

The company’s MyCare blood tests target to optimize treatment efficacy by reducing associated toxicity and side effects for the patients, who are receiving chemotherapy drugs.

The initial offering of MyCare assays measure the widely prescribed 5-fluorouracil, paclitaxel and docetaxel and are offered in kit form in markets outside the US and will be commercialized through the Saladax’s recently announced CLIA laboratory in the US.

An additional ten MyCare assays are in development stage and will be offered through established market channels.

Saladax president and CEO Kevin Harter said the capital investment from the new transaction will support the firm to commercialize its MyCare assays, which come with the goal of making them proprietary technology available to oncology patients globally.

"Fosun Long March is the ideal partner to introduce the MyCare portfolio of tests in China, our largest global market, to ensure patients can benefit from the accurate administration of critical life-saving chemotherapy drugs," Harter added.

The company also said that, under a separate agreement, Fosun Long March Medical Science, a division of Fosun Pharma, will serve as the exclusive manufacturing, distribution, and regulatory partner for MyCare oncology dose management assays in China.