NEW YORK – Admera Health said Tuesday that it is exploring strategic alternatives for its pharmacogenomics and clinical services business as part of a companywide strategic review. The company has engaged investment banking firm Back Bay Life Science Advisors to help with the process.
Admera's portfolio of pharmacogenomics and clinical services products includes the PGxOne Plus assay, a 62-gene test that provides insight into how patients may respond to over 270 medications in 20 therapeutic areas, including psychiatry, cardiology, pain management, and oncology. Results are delivered via an online digital platform called RxVision.
The company was one of several PGx providers who changed their reporting practices under scrutiny from the US Food and Drug Administration in 2019.
In addition to PGx, Admera offers a variety of sequencing services for oncology, including a 364-gene assay for advanced solid tumors called OncoGxOne.
"We are proud of the significant commercial value we have built in our pharmacogenomics products and are looking to select a strategic partner with additional scale and resources to realize their full potential," Jeffrey Mitchell, Admera's interim CEO, said in a statement.
Although it is jettisoning its PGx and clinical services business, Admera said it plans to continue to own and operate its biopharma services business, providing genomics and bioinformatics services for research through its CAP-accredited CLIA certified lab.