Exiqon announced that it will divest its California-based clinical laboratory improvement amendments-certified lab Oncotech to trim costs.
In late 2007, Exiqon announced it was acquiring Oncotech, a provider of molecular oncology testing services, for $45 million as part of an effort to build up its infrastructure and expertise to begin selling microRNA-based diagnostics (see RNAi News, 11/29/2007).
"Since the acquisition, Exiqon has successfully strengthened its product portfolio for in vitro diagnostics by adding new molecular tests … and other tools to help physicians improve cancer treatment selection," the company said this week. "Exiqon has now decided to consolidate its ongoing development of diagnostic products based on miRNA at the company's facilities in Denmark in order to gain operational and infrastructural efficiencies and to free up human and financial resources."
"This decision will help us focus on our core competencies in the area of miRNA and drive operational synergies between our two business areas, diagnostics and life sciences," Exiqon President and CEO Lars Kongsbak added in a statement.
The company said that as a result of the planned divestiture, it will seek partners to co-develop and commercialize its miRNA-based diagnostics.