Bionano buys Lineagen for USD 9.6 Mn to expand commercial footprint
Category: #business  By Mateen Dalal  Date: 2020-08-25
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Bionano buys Lineagen for USD 9.6 Mn to expand commercial footprint

Bionano Genomics, Inc., California-based genome analysis firm has reportedly announced its acquisition of genetic diagnostics company, Lineagen Inc. in a bid to accelerate diagnostic procedures regarding comprehensive genetics and digital cytogenetics for pediatric neurodevelopment disorders.

Under this definitive agreement, Bionano will completely acquire Lineagen through a compensation for around USD 1.7 million in cash along with 6,167,510 common stock shares and an assumed approximation of liabilities worth USD 2.9 million. On a fully diluted basis, this reflects an aggregate equity of approximately USD 9.6 million.

As per reliable sources, Bionano also paid around USD 1.1 million in order to pay off an outstanding loan issued to Lineagen in accordance with a Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act.

The merger is aimed at revolutionizing Bionano’s genomics research and clinical genome testing with the help of Lineagen’s expertise in pediatric neurodevelopmental disorders along with their commercialized multiple LDTs and patented innovative technology.

Erik Holmlin, CEO, Bionano Genomics, was quoted stating that this takeover will help the company bring their genome imaging tool, ‘Saphyr System’ to clinical testing with the help of essential skillsets of the physicians at Lineagen.

Michael Paul, Chief Strategy Officer, Bionano was reported stating that with Lineagen’s innovative genome analysis technology and Saphyr system, the company strives to be of service to individuals with ASD and other childhood development disorders with the help of their advanced genetic diagnostic solutions.

Apparently, the company plans on adding CLIA-certified services for diagnostic testing along with third party payor contracts, genetic counselling, and expertise in commercializing cytogenetic assays. Moreover, it aims to regularize comprehensive structural variation analysis and make the process efficient, accurate, and cost-effective.

About Bionano Genomics, Inc.

Bionano Genomics provides services and tools to clinicians and scientists carrying out genetic research as well as patient testing. Its genome mapping solution, Saphyr system serves as a platform for ultra-specific structural variation discoveries and enables efficient diagnosis and research in drug development in the realm of cytogenetics.

 

Source credits: https://www.genomeweb.com/molecular-diagnostics/bionano-genomics-acquires-diagnostic-services-provider-lineagen-96m#.X0SC3dwzbIU

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Mateen Dalal    

Mateen Dalal

Despite working as a professional testing engineer, Mateen Dalal always held a liking for content creation. Following his passion, he now pens down articles for itresearchbrief.com and a couple of similar portals. Mateen is a qualified electronics and telecommunicat...

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