GE Healthcare, the healthcare business of GE (NYSE: GE) and CardioDx, a pioneer in cardiovascular genomic diagnostics, announced to have entered into a strategic alliance to advance and co-develop diagnostic technologies to improve the care and management of patients with cardiovascular disease. Building on the alliance, the GE Healthymagination Fund, a new equity fund that makes investments in highly promising healthcare technology companies, has invested $5 million in CardioDx as part of a Series D round that the fund is leading. The alliance between the two companies aligns with GE’s healthymagination initiative which focuses on reducing cost, increasing access and improving quality in healthcare. This marks the first investment for the Healthymagination Fund. Other financial terms were not disclosed.
CardioDx develops genomic tests to aid in the assessment and tailoring of care of individuals with cardiovascular diseases such as coronary artery disease (CAD), cardiac arrhythmias and heart failure. GE Healthcare is a world-class provider of advanced technologies for cardiovascular imaging and monitoring. The strategic fit between the two businesses combined with expanded capabilities in product research and development will accelerate the development of new high-value integrated technologies for the diagnosis and care of patients with suspected heart disease. This alliance also reflects GE Healthcare’s continuing interest in opportunities to combine in vivo and in vitro diagnostic technologies to improve patient care.
Pascale Witz, President and CEO of GE Healthcare’s Medical Diagnostics business, said, “The alliance with CardioDx gives us access to new and exciting technologies in high-value diagnostics, which will complement and strengthen our existing offerings. CardioDx is an excellent strategic fit with GE Healthcare, given our common focus on cardiovascular disease.”
David Levison, CardioDx’s President and CEO, said, “This is a very exciting development in the future of cardiovascular genomic diagnostics. The strategic alliance with GE Healthcare and the funding from GE’s Healthymagination Fund will allow us to benefit from the business and scientific expertise of a world-class healthcare company.”
The Healthymagination Fund is part of GE’s $6 billion healthymagination initiative, a global commitment to deliver better healthcare to more people at lower cost.