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ExonHit Shareholder Meeting on RedPath Buy Likely Delayed

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – ExonHit Therapeutics on Wednesday said that it will likely have to reschedule its shareholders' meeting to vote on the acquisition RedRath Integrated Pathology.

The meeting is scheduled for June 28, but ExonHit said that it expects that there will be a lack of quorum to vote on the matter. In that case, the meeting will be rescheduled for July 8. A final decision on when the meeting will take place will be made on June 28, according to an ExonHit spokesperson.

Last week, ExonHit said the meeting would likely need to be postponed in the wake of news that CMS contractor Highmark Medicare Services told RedPath it intends to drop coverage of RedPath's PathFinderTG-Pancreatic cancer diagnostic, following an assessment of the test. That means Medicare would no longer pay for the test.

RedPath is gathering data and other information to present to Highmark in order to convince it to maintain Medicare coverage.

The planned acquisition of RedPath was announced in April, and this week, ExonHit said that the deal remains a strategic goal for the company.