2004 Founded
2011 Funding round US$140mm
2012 US Medicare agreed to cover Corus CAD test kit
2012 Funding round US$58 (Temasek joined)
2014 Funding round US$76.3m
2014 IPO cancelled
2017 Funding round US$22.7m
2018 Medicare pulled its coverage on Corus CAD
2019 Closed
A medical diagnostics company developed its flagship product Corus CAD, a blood test kit for heart diseases priced at US$1,195 each.
It sold millions of dollars worth of the test over the course of six years until Medicare in November stopped paying for it. At least 175,000 patients have used the test, the company has said.
In 2015 accusations began to surface that the company knew the test was medically unnecessary Two former employees filed lawsuit that the company had defrauded Medicare out of US$39m to US$53m between 2012 and 2018.
Medicare pulled its coverage in late 2018 after deciding that the test kit is not really valuable. Industry insiders said it was highly unusual for Medicare to take so long in their evaluation. Once the insurance coverage is gone, it was the death knell for CardioDX Inc. In January 2019, the company abruptly shut down.
How much money Temasek poured in is unknown. It should appear somewhere in the 2019 financial statement under investment write-off.
Investing in a one product company and untested bio-science product, is super high risk. And Temasek is hungry for pharma startups.
INVESTMENT WATCH : It's gone! Watch the write-off in 2020 financials.
Return to Portfolio Compilation
If you like to see new microblogs of Temasek's troubled assets as and when they are are published, please submit your email in the box on the top, right. Thank you.
No comments:
Post a Comment