NEW YORK (GenomeWeb News) - DiagnoCure today it said has acquired Catalyst Oncology, a Worcester, Mass.-based maker of prognostic tests for breast and colon cancers, for $3 million in cash and stock and potential future payments based on specific milestones.
DiagnoCure plans to complete the development of Catalyst's tests and conduct additional clinical studies. The newly acquired tests have already been validated in “multiple clinical studies involving patients with five tumor types," including breast and colon, the company said.
The tests, which measure the level of activated tyrosine phosphorylated Shc protein and p66 Shc protein in tissue specimens, have successfully indicated the risk of recurrence of cancer and have predicted the response to cancer therapies, including tamoxifen and traditional chemotherapy, DiagnoCure said.
DiagnoCure CEO John Schafer said in a statement that the company’s merger and acquisition strategy is "aimed at building a critical mass of high-value oncology diagnostic products” that will be offered through its CLIA-certified laboratory, which is expected to open later this year.