Exagen Inc. Completes $22.6 Million Financing
SAN DIEGO, CA & ALBUQUERQUE, NM – July 16, 2019 – Exagen Inc., an organization dedicated to transforming the care continuum for patients suffering from debilitating and chronic autoimmune diseases by enabling timely differential diagnosis, prognosis, and monitoring while optimizing therapeutic intervention, today announced the Company completed a financing raising $22.6 million in aggregate equity capital. The financing will support ongoing commercialization activities for the Company’s portfolio of autoimmune diagnostic testing products and therapeutics promotion business.
The financing was led by H.I.G. BioHealth Partners, a leading healthcare private equity investment fund, affiliated with H.I.G. Capital, which has over $31 billion of equity capital under management. This financing included additional capital raised earlier in the year from existing investors, including Tullis Health Funds, Sun Mountain, and Hunt Holdings.
“Partnering with H.I.G. enables Exagen to continue delivering clinically important diagnostics, prognostics, and monitoring blood tests while also pursuing growth opportunities with our existing pipeline development and pharmaceutical partnerships,” said Ron Rocca, CEO and President of Exagen. “We are excited about Exagen’s growth prospects and believe patients, physicians, and payers will benefit from the support of our investors as we embark on our next growth phase.”
Mr. Rocca concluded, “Following this financing, we will continue to execute our strategic vision for fueling the growth of Exagen. In addition to launching our therapeutics promotion business earlier this year, we intend to continue growing our testing business by commercializing products in our R&D pipeline and expanding our sales force footprint. We have had tremendous success with our diagnostic, prognostic, and monitoring tests, including our flagship test, AVISE CTD, which has been ordered over 300,000 times since its launch in 2012.” “H.I.G. BioHealth Partners is excited to partner with Exagen at this point in its growth trajectory,” said Bruce Robertson, Managing Director of H.I.G. “The Exagen team has built a market leading company by capturing growth opportunities within the autoimmune disease market and we look forward to sharing in Exagen’s opportunities for further success going forward.”
About Exagen Inc.
Exagen is dedicated to transforming the care continuum for patients suffering from debilitating and chronic autoimmune diseases by enabling timely differential diagnosis and optimizing therapeutic intervention. Exagen has developed and is commercializing a portfolio of innovative testing products under its AVISE brand, several of which are based on our proprietary Cell-Bound Complement Activation Products, or CB-CAPs, technology. CB-CAPs assess the activation of the complement system, a biological pathway that is widely implicated across many autoimmune and autoimmune-related diseases, including systemic lupus erythematosus, or SLE. Exagen’s goal is to enable rheumatologists to improve care for patients through the differential diagnosis, prognosis and monitoring of complex autoimmune and autoimmune-related diseases, including SLE and rheumatoid arthritis, or RA. Exagen’s business model of integrating testing products and therapeutics positions Exagen to offer targeted solutions to rheumatologists and, ultimately, better serve patients. For more information, visit www.exagen.com or follow us on Facebook, Twitter, YouTube, LinkedIn, or Instagram.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with over $31 billion of equity capital under management.* The H.I.G. family of funds includes private equity, growth equity, real estate, debt/credit, lending and biohealth. H.I.G. aligns itself with committed management teams and entrepreneurs and help build businesses of significant value. H.I.G.’s team of over 350 investment professionals has substantial operating, consulting, technology and financial management experience, enabling H.I.G.to contribute meaningfully to its portfolio companies. H.I.G. invests in companies throughout the U.S., Europe and Latin America and has offices in Miami, New York, Boston, Chicago, Dallas, Los Angeles, San Francisco and Atlanta in the U.S., and affiliate offices in London, Hamburg, Madrid, Milan and Paris in Europe as well as Bogotá, Rio de Janeiro and São Paulo in Latin America.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.