Albuquerque, New Mexico – November 4, 2013 – Exagen Diagnostics, Inc. and Capital Royalty Partners II, L.P. announced that they have closed a senior secured loan for up to $25 million of capital. Exagen’s lead test, Avise SLE+ Connective Tissue, rules in-or-out Systemic Lupus Erythematosus (SLE) and assists with differential diagnosis of other common Connective Tissue Disease (CTD). Exagen intends to use proceeds to grow its US sales force to 25-30 representatives to fuel continued strong revenue growth in SLE+ and pipeline of rheumatology tests.
“Capital Royalty has shown to be the right partner for us and we are extremely excited to announce their strategic investment.” said Ron Rocca, Exagen’s President and CEO. “Exagen will benefit significantly from Capital Royalty's breadth of experience in the healthcare industry and deep knowledge of our business as we advance through our next stages of growth.”
“We welcome the opportunity to provide customized debt financing structures for innovative life sciences companies like Exagen,” Luke Duster of Capital Royalty L.P. “The company has shown tremendous sales success with their lead product, Avise SLE+ Connective Tissue and continues to have significant opportunities for future growth.”
Capital Royalty joins the company’s equity investors Tullis Health Investors, Sun Mountain Capital, Cottonwood Capital Partners, EPIC Ventures, and Mesa Verde Venture Partners.
About Exagen Diagnostics, Inc.
Exagen Diagnostics, Inc. is a Patient Focused, Discovery Driven, CLIA-certified, CAP-accredited laboratory with a growing menu of proprietary, internally developed tests focusing in the area of Rheumatology and Autoimmune diseases. Committed to Personalized Medicine, our tests are specifically designed to provide objective information to physicians and patients for more accurate, efficient diagnosis and better disease management. For more information, please visit www.AviseTest.com.
About Capital Royalty L.P.
Capital Royalty L.P. is a market pioneer and innovator in healthcare investing focused on intellectual property investments in approved products through structures including royalty bonds, secured debt, revenue interests and traditional royalty monetization’s. Capital Royalty works directly with leading healthcare companies, research institutions and inventors to provide customized solutions to meet their unique financing needs. The value of each investment is based on the future revenue of commercialized biopharmaceutical products and medical technologies. Capital Royalty is actively making investments through Capital Royalty Fund II, which has $805 million of committed capital.
The firm is headquartered in Houston, Texas with offices in Boulder, Colorado and New York City. For additional information, please visit www.capitalroyalty.com.
Exagen Diagnostics, Inc.
Wendy Swedick, Chief Financial Officer
Capital Royalty L.P.
Luke Duster, Principal
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