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True Health Declines to Assume BG Medicine Galectin-3 Supply Agreement

NEW YORK (GenomeWeb) – BG Medicine said in its most recent 10K filing that laboratory firm True Health Diagnostics (THD) has declined to assume a supply agreement for BG's galectin-3 tests.

The agreement was originally established between BG and Health Diagnostics Laboratory (HDL), which filed for bankruptcy in June 2015. THD last year acquired the assets of HDL, which was formerly BG's largest customer.

BG noted that while THD has continued to purchase BG's galectin-3 tests, such orders "remain substantially smaller and less frequent than the orders we received previously from HDL."

Sales to HDL accounted for roughly 83 percent and 75 percent of BG's product revenues in 2014 and 2013, respectively, and for 71 percent of its product revenues in 2015.

Prior to its bankruptcy, HDL was investigated by the US Department of Justice for allegedly paying doctors kickbacks to encourage them to order its tests. This civil investigation into HDL's practices ended with the company agreeing to pay the US Department of Justice roughly $50 million but not admitting any wrongdoing.

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