Molecular diagnostics firm TrovaGene is to acquire MultiGen Diagnostics’ CLIA-certified laboratory in return for 750,000 shares of TrovaGene common stock, plus an additional earnout of up to $3.7 million in cash and common stock, dependent on the achievement of sales and earnings targets. MultiGen is a subsidiary of Canada-based Bio-ID Diagnostics.
“We are looking forward to grow MultiGen’s existing multiplexed-sequencing based diagnostic testing business for a variety of infectious diseases,” remarks Antonius Schuh, Ph.D., TrovaGene CEO. “We will explore the feasibility to configure existing MultiGen tests on our transrenal platform and we plan to leverage the CLIA laboratory operations as a development and commercial platform for novel tests intended to detect minimal residue disease in oncology based on tumor-speciifc mutations detectable in a patient’s urine.”
TrovaGene is developing a pipeline of in vitro molecular diagnostics based on the detection of transrenal genetic markers that can be detected in the urine. The firm says it has achieved proof-of-principle for candidate markers in infectious disease testing, cancer detection and monitoring, organ transplant rejection monitoring, and noninvasive prenatal genetic testing. Its initial focus is on the development of tests for infectious diseases including HPV, JC virus, and Lyme disease, and a multianalyte assay for opportunistic infections in immunocompromised patients. In the longer term TrovaGene aims to develop urine-based assays for detecting mutations or gene signatures for cancer diagnosis and monitoring.
Within the last few days the firm negotiated an exclusive worldwide license to mutations of the SF3B1 splicing factor, which have been shown to be associated with disease progression and chemotherapy response in patients suffering from chronic lymphocytic leukemia (CLL). TrovaGene aims to use the IP to offer laboratory-developed tests for SF3B1 mutations, and potentially develop in vitro diagnostic products.