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CollabRx, Medytox Reach Merger Agreement

NEW YORK (GenomeWeb) – CollabRx and Medytox today announced they have reached a definitive merger agreement. 

Under the terms of the deal, CollabRx shareholders will own a 10 percent stake in the combined company, of which it will operate as a wholly owned subsidiary. Medytox shareholders will own the remaining 90 percent. Further terms of the deal were not disclosed. 

The companies previously entered into a non-binding letter of intent to negotiate a merger.

Medytox CEO Seamus Lagan will assume that position at the new firm, while Thomas Mika will continue as CEO of CollabRx, as well as become executive chairman of the combined firm's board. Paul Billings, a member of CollabRx's board, will join the new firm's board. The current five board members of Medytox will comprise the balance of the combined firm's board. 

San Francisco-based CollabRx is a bioinformatics firm focused on interpreting complex molecular and cancer genetic tests. Medytox, headquartered in West Palm Beach, Fla., owns and operates a variety of healthcare companies, including clinical testing laboratories, a laboratory information systems business, an electronic medical records provider, and a medical billing firm. 

CollabRx posted revenues of $415,000 and a net loss of $4.3 million in 2014. Medytox recorded $57.9 million in revenues and a net income attributable to the firm of $7.8 million last year.