GE Healthymagination fund invests $5 million for innovation

GE Healthymagination fund invests $5 million for innovation

May 24, 2010 at 10:05am
The strategic alliance is designed to provide growth capital for CardioDx and opportunities for joint research programs that will link scientists at GE Healthcare, CardioDx, and GE Global Research, which is the company’s technology development arm
As part of the $6 billion launch of GE’s healthymagination initiative last year, the $250 million Healthymagination Fund was also created to invest in highly promising healthcare technology companies. The new equity fund has now made its first investment in the form of a $5 million strategic alliance with CardioDx , a cardiovascular genomic diagnostics company.

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. The alliance will give GE Healthcare expanded capabilities in product research and development, and access to new technologies in high-value diagnostics thereby accelerating the development of new integrated technologies for the diagnosis and care of patients with suspected heart disease.

The Healthymagination Fund invests in companies globally that have innovative technologies aligned with the strategic objectives of GE Healthcare and GE’s global healthymagination initiative. The fund also targets healthcare companies developing innovative and unique business models and services. “There are many small and medium companies here working in the area of healthcare and biotechnology which are developing promising new technologies,” said Aziz Koleilat, General Manager, GE Healthcare for the Middle East, “the Fund will give entrepreneurs in the region and elsewhere, the opportunity to work directly with a global leader in healthcare technology in areas of mutual interest. In that light, we are keen to see a strong flow of proposals for this new equity fund from health technology companies in the region.”

More reading:
Healthymagination Fund’s first investment has heart
GE Healthcare Forms Strategic Alliance with Cardiovascular Genomic Diagnostic Company, CardioDx

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