SAN DIEGO, Jan. 6, 2012 /PRNewswire/ -- TrovaGene, Inc. (Pink Sheets: TROV.PK), a developer of trans-renal molecular diagnostics, today announced that it has entered into a definitive agreement to acquire MultiGEN Diagnostics, Inc.'s ('MultiGEN') clinical laboratory assets in exchange for the issuance of 750,000 shares of common stock of TrovaGene, with an additional earn-out of up to $3.7 million in cash and common stock, subject to the achievement of specific sales and earnings targets. The acquisition, which is subject to customary closing conditions, is expected to close during the first quarter of 2012. MultiGEN, a privately held molecular diagnostic company located in San Diego, CA, is a subsidiary of Canada-based Bio-ID Diagnostics, Inc. The acquired diagnostic laboratory operations are certified by the State of California in compliance with CLIA (Clinical Laboratory Improvement Amendments), and are accredited by CAP (College of American Pathologists).
"We are looking forward to grow MultiGEN's existing, multiplexed-sequencing based diagnostic testing business for a variety of infectious diseases," states Antonius Schuh, Ph.D.,TrovaGene's Chief Executive Officer. "We will explore the feasibility to configure existing MultiGEN tests on our trans-renal platform and we plan to leverage the CLIA laboratory operations as a development and commercial platform for novel tests intended to detect minimal residual disease in oncology, based on tumor-specific mutations detectable in a patient's urine."
"Trovagene's approach using trans-renal clinical samples adds a significant dimension to the molecular diagnostic market and we are enthusiastic about making a tangible contribution to that endeavor" comments T.V. Moorthy, Ph.D., MultiGEN's founder and Chief Executive Officer. He further adds that "MultiGEN's contribution will be centered around Allele Specific Multiples Sequencing (ASMS), which offers higher sensitivity for the dete
|SOURCE TrovaGene, Inc.|
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