QCDx – a diagnostics company specializing in the detection and characterization of circulating tumor cells (CTCs) – announced the closing of $7 million in new financing. This funding features $5.3 million in intermediate term debt under a credit facility and the conversion of $1.7 million in existing convertible notes into equity.
The company also plans to complete a breast cancer clinical validation study in partnership with UCONN Health and relocate to its new CLIA-certified laboratory facility this year.
This marks the initial closing under a planned $15 million intermediate term credit facility.
Agent: Sagittarius Advisors is the administrative agent under the facility.
KEY QUOTES:
“Following the development of our proprietary RareScope technology, QCDx is proud to transition into the commercialization phase. This financing enables acceleration of several major milestones, including the launch of our next-generation, rare-cell imaging instrument, a high-sensitivity breast cancer monitoring assay, the launch of proprietary multiplex immunofluorescence reagent kits, and the establishment of our CLIA clinical laboratory. We’re deeply thankful to our lenders and investors for their continued support and confidence during a challenging market cycle.”
Triantafyllos Tafas, PhD, Founder and CEO of QCDx
“We are excited and honored that our lenders have chosen to support QCDx and enable its exceptional team of specialists to work on bridging critical gaps in oncology diagnostics and drug development with our patented, transformative technology.”
Patrick Curry, CFO
