NEW YORK (GenomeWeb News) – Trovagene today said it has completed its acquisition of the CLIA laboratory of MultiGen Diagnostics.
Trovagene announced the deal with the privately held molecular diagnostic subsidiary of Bio-ID Diagnostics in early January. The lab is certified by the State of California in compliance with CLIA and is accredited by the College of American Pathologists.
As part of the deal, Trovagene is issuing 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.
MultiGen continues to operate as a molecular diagnostics company focused on DNA sequencing-based identification services.