SUFFERN, N.Y.―Two companies that offer diagnostic systems that can help prevent cancer by detecting pre-cancerous cells announced their merger today. Oral Cancer Prevention International, Inc. and CDx Laboratories, Inc. are joining to form a new entity known as CDx Diagnostics. The merger was facilitated by a new investment in CDx Diagnostics made by Waterbridge Capital, a New York City-based investment firm, which targets equity investments, particularly for diagnostic health technologies.
"Our goal in making this investment is to ensure that the newly merged company has access to the financial and human resources that it requires for rapid growth," said Joel Schreiber, CEO of Waterbridge Capital. "It is very unusual for any medical device or diagnostic company to have successfully commercialized even one patented, clinically proven, FDA cleared, and reimbursed product independently, without the resources of a larger company."
"We are pleased to be able to consolidate our oral, esophageal, and laryngeal cancer diagnostic assets into one company that can better leverage our investment in the proprietary computer algorithms and systems that we have developed to improve the detection of pre-cancerous cells," said Mark Rutenberg, Chairman and CEO of CDx Diagnostics. "We welcome Waterbridge Capital as a board member and look forward to a mutually beneficial relationship."
He added, "This merger streamlines our capital structure and allows us to accelerate our strong pipeline of additional tests for liver, pancreatic, and inflammatory bowel disease caused colon cancer. CDx Diagnostics will now fortify its leadership in developing advanced tools that deliver unparalleled information to doctors so they can rule out or confirm precancer while it is still easily treatable."
While pre-cancerous cell detection has made cervical, skin and most colon cancer now largely preventable diseases, the detection of dysplasia in other body sites has been more elusive. CDx Laboratories was founded in 1997 to develop tools to detect dysplasia in tissues for which no practical and accurate tests were available. Its proprietary diagnostic platform consists of a patented minimally invasive brush biopsy method combined with a powerful computer-assisted laboratory analysis of the cells and tissue fragments obtained by the biopsy brush. Its tests are relatively quick and are covered by insurance, according to CDx Laboratories.