ExonHit offered a U.S.
The name of his new baby is revealed. ExonHit, which raised 15.6 million euros fons last December, had then told him that this money would be used to buy a company in the field of Diagnotic. On Tuesday, the French biotechnology company announces that this is American and her name Redpath Integrated Pathology Inc..
Headquartered in Pittsburgh, Pennsylvania, Redpath has a technology platform based on the DNA that provides information for an individual diagnosis and clinical treatment decision tailored to each patient.
A purchase of $ 32 million
For this first acquisition since its inception in 1997, ExonHit will spend more than $ 32 million, or 24 million euros.The payment will be distributed to 12.5 million dollars in cash (EUR 9.4 million), 10 million shares (7.5 million euros) at the close of the transaction, and from 2012, Redpath's current shareholders will receive up to $ 9.5 million (7.1 million euros) in the form of milestone payments related to the achievement of sales targets.
The acquisition, subject to approval by shareholders of ExonHit, should be completed by mid-July 2010. The company has e equally on the drug market of neurodegenerative diseases and the diagnosis of cancer.
Best Diagnotic Cancer
The analytical tool of Redpath improves diagnostic accuracy in difficult cases where cancer or precancerous conditions can be characterized by conventional pathological examination, explains ExonHit.
The company, which will be part of ExonHit operations in the U.S., markets a molecular diagnostic test for cancer of the pancreas. A second test able to distinguish primary tumors from metastases is being launched.
The company's portfolio also includes two tests in the final stages of development and several programs in early development in the field of oncology.
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