Galen Partners and White Oak Healthcare Finance Complete Recapitalization of CDx Diagnostics to Further Grow Proprietary Cancer Detection Platform

SUFFERN, N.Y.–(BUSINESS WIRE)– CDx Diagnostics, Inc. (“CDx”) announced today that it has completed a
majority recapitalization with Galen Partners, a healthcare-focused
growth equity investment firm and San Francisco-based White Oak
Healthcare Finance, LLC (“White Oak”), who led the debt financing. CDx
is a specialized anatomic pathology laboratory that utilizes proprietary
technology, including advanced neural-network analysis and deep
artificial intelligence tools, to enhance the detection of precancerous
and cancerous tissue initially in the esophagus and oral cavity.

Mark Rutenberg, CDx’s Founder and CEO, stated, “We are proud of
CDx’s history of creating a unique synthesis of computer science,
molecular biology, and pathology to provide clinically proven,
breakthrough diagnostic tools that have already prevented over 5,000
typically fatal cancers. All of our tests are immediately available to
clinicians, require only a few minutes of practice time, are highly cost
effective, widely reimbursed, and, most importantly, address a
recognized critical gap in the current diagnostic standard of care that
results in thousands of otherwise unnecessary cancer deaths each year. I
am confident that with the support and guidance of Galen Partners and
White Oak, we will now accelerate our rapid growth in revenue,
profitability, and clinical acceptance. More importantly, we will be
able to advance our progress in making oral, throat, and esophageal
cancer diseases of the past.”

CDx is an established cancer diagnostics laboratory with a specific
focus on esophageal and oral cancer. CDx’s mission is to provide doctors
with the most powerful diagnostic technology to help prevent cancer
before it can start. Esophageal cancer is the most rapidly growing
cancer in the US and is generally fatal; early detection of precancerous
cells leads to improved patient outcomes all while lowering overall
healthcare costs. CDx applies neural-network-based three dimensional
microscopy to find dangerous abnormal cells before they are allowed to
develop into an invasive cancer, and the Company’s unique WATS^3D
technology has been shown to be four times more effective than the
current standard of care at detecting the most dangerous form of
esophageal pre-cancer.

“CDx has developed and patented a proprietary tissue sampling and
analysis platform that allows for successful detection of dysplasia in
tissue,” said White Oak’s Managing Director and Partner, Isaac
Soleimani. “The CDx platform is clinically shown to be more effective at
detecting high grade esophageal cancer compared to traditional testing
methods, creating the opportunity to become the standard of care.”

For more information, please visit www.cdxdiagnostics.com

About CDx Diagnostics and the WATS^3D Biopsy

CDx Diagnostics is an established cancer diagnostics laboratory with a
specific focus on detecting the precancerous precursors of esophageal
and oral cancer. CDx’s mission is to provide doctors with the most
powerful diagnostic technology to help prevent cancer before it can
start. Unlike traditional testing methods, CDx’s WATS^3D test
collects a wide-area tissue sample of the entire thickness of the lining
of the esophagus, which is then subjected to specialized,
computer-assisted, three-dimensional analysis that pinpoints
precancerous cells. A recently completed randomized clinical trial
conducted at 16 academic medical centers found WATS^3D to be
four times more effective than the standard random biopsy protocol at
detecting the most dangerous form of esophageal precancerous tissue.
CDx’s technology permits the early detection of precancerous and
cancerous cells, thus improving patient outcomes and lowering healthcare
cost.

About Galen Partners

Founded in 1990, Galen Partners is a leading healthcare-focused growth
equity investment firm. With nearly $1 billion invested over five funds,
Galen has helped build more than 70 companies since our inception. The
firm continues a tradition of strategic collaboration and partnership
with Founders and management teams to build healthcare market leaders.
Under the direction of the Managing Directors Philip Borden, David Jahns
and Zubeen Shroff, Galen seeks to make investments in high-growth
healthcare companies with revenues greater than $10 million and EBITDA
between $0 and $9 million. For more information, please visit www.galen.com.

About White Oak Healthcare Finance

White Oak Healthcare Finance, LLC (“WOHCF”), an affiliate of White Oak
Global Advisors, LLC, is a lender to all subsectors within the
healthcare industry including healthcare services, pharma and life
sciences, medical devices, healthcare technology, healthcare real
estate, hospitals and SNFs. WOHCF has deep domain expertise with a sole
focus on healthcare which enables it to provide flexible and creative
solutions with certainty of execution. WOHCF offers a differentiated
product set including cash flow term loans, asset based loans and ABL
Stretch facilities, unitranche facilities, last out financings, real
estate financings, equipment financings and opportunistic investments.
As a lender with large pools of capital to deploy, WOHCF generally holds
its full loan positions to maturity.

About White Oak Global Advisors

White Oak Global Advisors, LLC is a leading global alternative asset
manager specializing in originating and providing financing solutions to
facilitate the growth, refinancing and recapitalization of small and
medium enterprises. Since its inception in 2007, White Oak Global
Advisors’ disciplined investment process focuses on delivering
risk-adjusted investment returns and establishing long term partnerships
with our borrowers. More information can be found at www.whiteoaksf.com.

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