NEW YORK (GenomeWeb) – Diagnostics provider Rennova Health announced that it has acquired all assets of Genomas owned by Hartford Healthcare for $250,000 in cash.
The assets are comprised of an aggregate of $1 million in convertible promissory notes, 500,000 shares of Series A Genomas stock, 345,000 shares of Series B stock, and intellectual property.
Genomas makes the PhyzioType Systems platform for DNA-guided management and prescription of drugs used to treat mental illness, pain, heart disease, and diabetes. In March, Rennova subsidiary Medytox Diagnostics signed a deal with Genomas to launch a series of pharmacogenetic tests to determine a patient's capacity to metabolize certain drugs and potentially tailor treatments to an individual's specific genetic makeup. The tests will be performed via a US Food and Drug Administration-approved in vitro diagnostic genotyping kit in Genomas' lab.
"This transaction further solidifies the diversification of our core diagnostics business to combine modern science and technology to deliver precision diagnostics to practitioners that enables them to provide better treatment to their patients," said Rennova CEO Seamus Lagan in a statement. "By assuming Hartford Healthcare's ownership in and liabilities from Genomas we significantly strengthen our existing relationship with Genomas and expect to accelerate our provision of diagnostics for DNA-guided management and prescription of drugs so that physicians may select the safest and most effective drug to achieve treatment goals and enhance patient compliance."