NEW YORK — Cancer drug developer Oncology Pharma said on Thursday that it has signed a letter of intent to acquire at least 50 percent of molecular genomics firm Diagnomics.
Diagnomics provides sequencing-based genomic testing services to industry and academic partners, and has developed an artificial intelligence-based drug development platform. The San Diego-based company also holds a minority stake in Korea-based Eone-Diagnomics Genome Center, a provider of clinical and consumer genetics products and services that it founded with Eone Life Science and that recently went public.
San Francisco-based Oncology Pharma said that Diagnomics' stake in the Eone-Diagnomics Genome Center is included in the planned acquisition. Additional terms of the letter of intent were not disclosed.
Diagnomics' "artificial intelligence combined with machine learning platform is a game changer because it is expected to significantly reduce drug development, clinical trial time, and cost," Oncology Pharma CEO Chuck Wagner said in a statement. "In addition, it is designed to accelerate the regulatory approval of drugs … [to] help make the drugs affordable, safer, and available sooner to the patients."