precise and effective drug concentraions, which can enhance the efficacy and minimize the side effects of anti-cancer drugs while reducing overall disease management costs.
Saladax is currently launching their first commercial product, Analyte Specific Reagents for measuring the concentration of busulfan, a drug that is used for preparing patients for bone marrow transplants. Saladax has secured its first customer contract with ARUP Laboratories, one of the top five independent labs in the U.S. The company has also recently signed an agreement with Olympus Diagnostics for the application of the 5-FU test on their clinical analyzer, the AU400, while the parties finalize a distribution agreement. The company is in negotiations with several other strategic partners for both the centralized and point-of-care markets. In addition, Saladax is preparing clinical trials for their 5-FU test that will be submitted for FDA review this summer and they project launch by year-end. 5-FU is used primarily in the treatment of colorectal cancer and is used annually by 1.5 million patients around the world. Patents have been filed covering 90% of the $2.5 billion identified market space, two of which have been issued. Two patents have already been issued and another two have been allowed and should issue in the coming months. Saladax has had three abstracts published on their technology and expects a first publication in a peer-reviewed journal in the coming month.
Saladax has raised $4.5 million to date, mostly from individual angel investors, along with the Life Science Greenhouse and Ben Franklin. The company is in the process of seeking a B Round of $5 to $10 million that will take them to a cash positive position.
For information about Saladax Biomedical, Inc., please visit their website at www.saladax.com.