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Oxford Finance, Silicon Valley Bank Provide $40MM to Singulex

September 27, 2013, 07:39 AM
Filed Under: Medical

Singulex, Inc., a provider of Single Molecule Counting technology for scientific discovery and clinical testing services, announced it has secured a debt facility for up to $40 million from Oxford Finance and Silicon Valley Bank. In June 2013, the company also raised $15 million in equity financing. The company will use the funding to advance the development and commercialization of a global in vitro diagnostics business based on Singulex’s SMC technology.

“Our proprietary Single Molecule Counting technology has enabled us to build two successful businesses: Life Science Research Tools and Cardiovascular Testing Services, both of which utilize our Erenna first-generation instrument,” said Guido Baechler, president and chief executive officer of Singulex. “With the proceeds from our financing in June and this debt facility, we are now in a solid position to fund the development and regulatory approval of a fully-automated diagnostic instrument and assays for the global market. Expansion into the in vitro diagnostics market is a key milestone in our long-term growth strategy.”

The Erenna Research Use Only platform, powered by Singulex’s proprietary SMC technology, detects low-abundance biomarkers and pathogens with sensitivity and precision that has not previously been achievable, even detecting single molecules at the femtogram level. The technology’s ability to measure small changes in biomarkers, such as cardiac troponin I, cytokines, and other inflammatory markers, and to monitor these changes over time has expanded the clinical utility of established markers while providing researchers and clinicians the opportunity to gain insights from discovery to clinical applications in cardiovascular disorders and other diseases.

Singulex’s vision is to transform chronic disease management, improving patient care and health while reducing healthcare costs. Singulex’s proprietary SMC platform significantly increases the diagnostic and prognostic power of established biomarkers.

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