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TrovaGene Acquires CLIA Lab

NEW YORK (GenomeWeb News) – TrovaGene today said that it has signed a definitive agreement to acquire the clinical lab assets of MultiGen Diagnostics, a privately held molecular diagnostic subsidiary of Bio-ID Diagnostics based in San Diego.

The lab is certified by the State of California in compliance with CLIA and is accredited by the College of American Pathologists.

TrovaGene will issue 750,000 shares of its common stock with an additional earn-out of up to $3.7 million in cash and common stock, subject to the lab achieving specific sales and earnings targets. The acquisition is expected close this quarter.

"We are looking forward to grow MultiGen's existing, multiplexed-sequencing based diagnostic testing business for a variety of infectious diseases," TrovaGene CEO Antonius Schuh said in a statement. "We will explore the feasibility to configure existing MultiGen tests on our trans-renal platform and we plan to leverage the CLIA laboratory operations as a development and commercial platform for novel tests intended to detect minimal residual disease in oncology, based on tumor-specific mutations detectable in a patient's urine."

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