NEW YORK (GenomeWeb News) — NeoGenomics and Power3 Medical Products have formed a joint venture to create a contract research organization to sell Power3’s protein biomarker-based diagnostics, NeoGenomics said today.
Under the agreement, NeoGenomics has non-exclusively licensed all of Power3’s intellectual property for protein biomarkers. The diagnostics the companies plan to market will be based on “one or more” of these markers, NeoGenomics said.
NeoGenomics also will supply the organization with “access to cancer samples, management, sales and marketing personnel, laboratory facilities,” and $200,000 in working capital and a convertible debenture.
NeoGenomics also will receive two options to increase its stake in Power3 over the next 18 to 20 months.
NeoGenomics President and CSO Robert Gasparini said Power3’s emphasis on breast cancer diagnostics fits with NeoGenomics’ “strategic interests.”
The company said it expects the CRO to start operating before the end of the year.