New Day Diagnostics acquires assets of a Berlin-based company
The announcement comes less than three weeks after EDP Biotech Corporation announced its merger with New Day and adoption of the latter's name.
Less than three weeks after announcing the merger of EDP Biotech Corporation and New Day Diagnostics LLC (see teknovation.biz article here), the new, Knoxville-based company that adopted the New Day name has announced an asset purchase agreement with Epigenomics AG.
The acquisition of the assets of the Berlin, Germany-based molecular diagnostics company focused on blood testing for the early detection of cancer furthers New Day Diagnostics’ mission of expanding the availability of cost-effective, early-detection products to patients. Under the terms of the agreement, New Day Diagnostics would acquire substantially all of Epigenomics AG’s assets and intellectual property.
The acquisition will expand New Day Diagnostics’ portfolio in the cancer diagnostics space and include proprietary biomarker technology for the detection of methylated DNA in various cancer indications, including Epi proColon, a screening tool for the non-invasive detection of colorectal cancer.
“We began a mission nearly two decades ago to drive accessibility of cost-effective early detection products. The addition of Epi proColon expands the company portfolio to include a much-needed non-invasive CRC screening test that is both affordable and convenient,” said Eric Mayer, Chief Executive Officer of New Day Diagnostics. “And we are excited to explore additional possibilities for the methylated DNA biomarker in improving patient outcomes for other indications.”
The commercialization of Epi proColon “Next-Gen” is one of the expected outcomes of the sale of Epigenomics assets to New Day Diagnostics. This, coupled with an increased likelihood of reimbursement by the Centers for Medicare and Medicaid Services, would allow the company to make an important contribution to reducing cancer disease and deaths.
Jens Ravens, Executive of Epigenomics said, “There is a great deal of strategic alignment between our companies. Because of this, I feel confident that the best of our products and biomarker technology will move into the next chapter of bringing a blood-based colorectal cancer diagnostic to the market that is both affordable and accessible.”