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GEN News Highlights : May 14, 2010

CardioDx Scores $5M from GE Healthcare to Co-Develop Cardiovascular Disease Tests

Money stems from GE’s $6 billion healthymagination initiative to improve healthcare and reduce patient costs.

GE Healthcare has invested $5 million in CardioDx as part of an alliance to advance and co-develop diagnostic technologies in the area of cardiovascular disease. This marks the first investment for GE’s Healthymagination Fund, which is part of the $6 billion healthymagination initiative to deliver better healthcare to more people at lower cost.

“We offer a unique proposition to promising healthcare technology companies like CardioDx,” says Michael Jones, evp of business development at GE Healthcare and director of GE’s Healthymagination Fund. “As well as providing growth capital and investment expertise, we offer entrepreneurs the opportunity to work with GE Healthcare and GE’s Global Research Center to accelerate the development of new technologies that align with our healthymagination initiative.”

The $250 million Healthymagination Fund targets three areas for investment:

•Broad-based diagnostics including imaging, home health, patient monitoring, molecular diagnostics, pathology, novel imaging agents, and other technologies for disease diagnosis

•Healthcare information technology including electronic medical records, clinical information systems, healthcare information exchanges, and value-added data services

•Life sciences including tools for R&D in biopharmaceuticals and stem cells as well as technologies for manufacturing of biopharmaceuticals and vaccines.

CardioDx’ initial product, Corus™ CAD, is a noninvasive genomic test that uses data such as gene-expression levels and other patient characteristics to assess the likelihood that a patient has obstructive coronary artery disease (CAD). Corus CAD uses a blood test to quantify the likelihood of CAD.