Saladax Biomedical, a Bethlehem-based company that develops and markets specialized diagnostic tests that help doctors customize chemotherapy doses, has received an infusion of $22.4 million in equity from the Shanghai Fosun Pharmaceutical Co. Ltd.
Under a separate agreement, Fosun Long March Medical Science Co. Ltd., a division of Shanghai Fosun, will serve as the exclusive manufacturing, distribution and regulatory partner for the company's MyCare oncology dose management assays in China.
Assays are diagnostic tests that determine the components of a substance and are commonly used to detect the presence of infectious agents or antibodies.
The company's MyCare line of assays helps oncologists test levels of specific chemotherapy drugs in their patients' blood, allowing them to adjust the dose to provide optimal cancer fighting with minimal side effects. Its products are currently available in Europe, Japan, Australia, and the Middle East.
Saladax plans to use the $22.4 million equity investment to fund research to expand its product line and commercialize its existing MyCare products. Saladax expects to bring its MyCare line of tests available in the United State in June.
"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," said President and CEO Kevin M. Harter.
The MyCare line currently tests levels of three cancer drugs: 5-fluorouracil, paclitaxel and docetaxel. Saladax has tests for 10 other drugs in development.
Founded in 2004 and based at the Ben Franklin TechVentures incubator on Lehigh University's Mountaintop campus, the privately-held Saladax currently has about 30 employees but expects that number to grow to about 55 by summer. It is on the verge of outgrowing its space and is looking for a new facility in the Bethlehem area.
The company is growth mode, Harter said.
"We have been a research and development business and this whole last year has been planning and executing on the commercial growth of the business," Harter said in an interview Tuesday.
scott.kraus@mcall.com
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