NEW YORK (GenomeWeb News) – Genetic testing firm Signal Genetics has agreed to buy molecular diagnostics company ChipDx for an undisclosed amount.
Under the terms of the deal announced today, Signal will acquire all of ChipDx's assets, including its patents for its prognostic tests for lung, breast, and colon cancers. It is buying BreastGeneDX, ColonGeneDX, and LungGeneDX, as well as all diagnostic and prognostic tests under development by ChipDx.
In May, ChipDx Founder and CEO Ryan van Laar told GenomeWeb Daily News that it was seeking approval from the US Food and Drug Administration for BreastGeneDX and readying it for commercialization. He will join Signal as the company's head of bioinformatics.
Signal also is acquiring ChipDx's web-based interface, which it will use to enhance its physician web portal and to allow for remote interpretation of test algorithms.
Signal said that New York-based ChipDx's products improve upon other testing technologies on the market for cancer. The tests will leverage the technology platform used by Signal and its subsidiaries and provide economies of scale to Signal's MyPRS Plus, a multiple myeloma prognostic test, it added.
"The addition of ChipDx's bioinformatics capabilities dramatically reduces our time to market with novel molecular tests designed to facilitate better patient outcomes at a lower cost profile," Joe Hernandez, president and CEO of New York-based Signal, said in a statement.
During the summer signal inked a deal with DiagnoCure to bring that firm's colorectal cancer test to market, acquire its CLIA service laboratory, and develop additional genomic cancer tests.