NEW YORK (GenomeWeb) – Rennova Health announced today that it has formed a precision medicine unit, which it is considering spinning off to its shareholders.
Called the Advanced Molecular Services Group (AMS), the new unit is made up of three Rennova subsidiaries: CollabRx, a clinical decision-support company that merged with Medytox Solutions in 2015 to become Rennova; Genomas, a pharmacogenomics testing firm Rennova fully acquired last year; and Alethea Laboratories, which Medytox acquired in early 2013.
AMS will offer a mobile application that interprets the results of tests conducted by Alethea to provide treatment guidance to physicians and patients. The group will specifically focus on mental and behavioral health, oncology, urology, and cardiovascular disease. A beta version of the app is expected to launch this summer. Scott Jenkins — who has previously served in executive level roles for Alchemist Ventures, Applied Biosystems, and IBM — has been selected as AMS' CEO.
Rennova also said that its board is considering spinning off AMS to shareholders, but that such a move would require various consents and approvals.
During early morning trading on the Nasdaq, shares of Rennova were up nearly 8 percent to $.79.