Rennova Health, Inc. Signs Definitive Agreement to Acquire Pharmacogenetic Laboratory, Genomas
September 29 2016 - 6:30AM
Business Wire
Rennova Health, Inc. (NASDAQ: RNVA) (NASDAQ: RNVAZ), a
vertically integrated provider of industry-leading diagnostics and
supportive software solutions to healthcare providers, announces
the signing of a definitive agreement to acquire the remaining
ownership (approximately 85%) of Genomas, Inc. for a total of $1.75
million in newly-created Series F convertible preference shares,
plus the assumption of approximately $800,000 of existing debt. The
conversion price will be the higher of the average of the previous
10 days closing share price of Rennova shares prior to conversion
or $1.95. The maximum number of common shares issuable upon
conversion of these preference shares is 897,436. Rennova
previously announced the acquisition of approximately 15% ownership
in July and is pleased to complete the acquisition of 100% of
Genomas, Inc. The acquisition brings to Rennova revolutionary
PhyzioType Systems for DNA-guided management and prescription of
drugs used to treat mental illness, pain, heart disease and
diabetes.
Rennova Health previously announced that it had partnered with
Genomas on the launch of a series of pharmacogenetics tests that
are performed in Genomas’ laboratory via an FDA-approved in vitro
diagnostic (IVD) genotyping kit. The laboratory will remain on site
at Hartford Hospital and Dr. Gualberto Ruaño will continue to serve
as the President and Medical Director of Genomas, which will become
a wholly owned subsidiary of Rennova Health, Inc.
“The acquisition of Genomas is a continuation of our goal to
assist practitioners by providing better diagnostics to enable them
to deliver personalized medicine and improved patient outcomes,”
said Seamus Lagan, CEO of Rennova Health, Inc. “This acquisition
allows Rennova to deliver diagnostic results that use DNA-guided
management and selection of drugs used to treat mental illness,
pain, heart disease and diabetes. Genomas PhyzioType Systems
provide physicians with an unprecedented capability to reduce risk
and select the safest and most effective drug to achieve treatment
goals and enhance patient compliance. This will also reduce
healthcare costs” Mr. Lagan added.
“We expect the Genomas tests to become an increasingly important
part of our overall business in the coming months,” concluded Mr.
Lagan.
Closing of the acquisition is subject to, among other things,
receipt of regulatory and licensure approvals as well as other
customary closing conditions. The acquisition is set to close on
October 14, 2016.
About Rennova Health, Inc.
Rennova Health, Inc. (NASDAQ:RNVA) provides industry-leading
diagnostics and supportive software solutions to healthcare
providers, delivering an efficient, effective patient experience
and superior clinical outcome. Through an ever-expanding group of
strategic brands that work in unison to empower customers, we are
creating the next generation of healthcare. For more information
about Rennova Health, Inc., visit www.rennovahealth.com.
Rennova Health Safe Harbor Statement
This press release includes forward-looking statements that are
subject to significant risks and uncertainties; actual results
could differ materially from those projected and Rennova Health
cautions investors not to place undue reliance on the
forward-looking statements contained in this release. Risks and
uncertainties relating to Rennova Health include those found in
Rennova’s filings with the Securities and Exchange Commission,
which are available on www.sec.gov. Rennova Health undertakes no
obligation to update or revise any such forward-looking statements
to reflect subsequent events or circumstances, except as may be
required by law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160929005210/en/
Rennova HealthSebastien Sainsbury,
561-666-9818ssainsbury@rennovahealth.comorInvestorsLHAKim Golodetz,
212-838-3777Kgolodetz@lhai.comorBruce Voss,
310-691-7100Bvoss@lhai.com
Rennova Health - Warrant (NASDAQ:RNVAZ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Rennova Health - Warrant (NASDAQ:RNVAZ)
Historical Stock Chart
From Apr 2023 to Apr 2024