Exagen Diagnostics, a commercial-stage specialty diagnostic company based in Albuquerque, N.M., has executed a capital raise of $5.3 million led by Tullis Health Investors.
The proceeds will be used to finance market expansion and fund development of near-term pipeline products. Other investors included Sun Mountain Capital, Cottonwood Technology Fund, Mesa Verde Venture Partners and Epic Ventures.
"We are committed to the expansion of our three marketed rheumatology brands, Avise SLE, Avise PG and Avise MCV, as well as the development of several important near-term pipeline products that will assist physicians with the diagnosis and treatment of rheumatologic disorders," said Ron Rocca, president and CEO of Exagen. "Many connective tissue diseases are considered chameleon-like or have a wide range of sometimes overlapping symptoms, which adds to the difficulty of correctly diagnosing these diseases. It's our goal to arm physicians with the best tools available to help these patients."
Curt LaBelle, M.D., chairman of Exagen and managing director at Tullis Health Investors, added, "Exagen is at an exciting point in its development as it expands commercial efforts under the leadership of a team that has successfully executed in the diagnostic space at companies such as Prometheus and Genoptix. Exagen has highly differentiated products with clear clinical benefits in accurately diagnosing and monitoring conditions such as lupus, which are traditionally difficult to accurately diagnose. We look forward to supporting the company.”