Rennova Health Acquires Hartford Healthcare Corporation’s Interest in Genomas
July 20 2016 - 9:04AM
Business Wire
Rennova Health, Inc. (NASDAQ:RNVA) (NASDAQ:RNVAW), a
vertically integrated provider of industry-leading diagnostics and
supportive software solutions to healthcare providers, announces
the $250,000 cash purchase of all outstanding Genomas assets held
by Hartford Healthcare Corporation of Hartford, Conn. The Genomas
assets are comprised of an aggregate of $1,000,000 convertible
promissory notes; 500,000 shares of Series A Preferred Stock of
Genomas; 345,000 shares of Series B Preferred Stock of Genomas;
and, intellectual property. Genomas, based in Hartford, is the
developer of 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 in March 2016 that it had
partnered with Genomas on the launch of a series of
pharmacogenetics tests that are performed via an FDA-approved in
vitro diagnostic (IVD) genotyping kit developed by Genomas and
performed in Genomas’ laboratory. In conjunction with this
agreement, Rennova has renewed and extended Genomas’ existing
laboratory lease agreement with Hartford Hospital.
“This transaction further solidifies the diversification of our
core diagnostics business to combine modern science and technology
to deliver precision diagnostics to practitioners that enables them
to provide better treatment to their patients,” said Seamus Lagan,
CEO of Rennova Health, Inc. “By assuming Hartford Healthcare
Corporations’ ownership in and liabilities from Genomas we
significantly strengthen our existing relationship with Genomas’
and expect to accelerate our provision of diagnostics for
DNA-guided management and prescription of drugs so that physicians
may select the safest and most effective drug to achieve treatment
goals and enhance patient compliance. This will also help to reduce
healthcare costs. We expect additional benefit from this
relationship by offering our current Rennova products and services
to Genomas customers,” Mr. Lagan added.
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 about
Rennova Health’s anticipated results that involve risks and
uncertainties, including statements regarding our expectations with
respect to the completion of our proposed public offering and the
gross proceeds from the offering. These statements 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. There can be no assurance
that Rennova Health will be able to complete the offering on the
anticipated terms, or at all. Risks and uncertainties relating to
Rennova Health and this offering can be found in the “Risk Factors”
section of the preliminary prospectus and final prospectus related
to such proposed offering to be filed with the SEC. 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.
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Rennova HealthSebastien Sainsbury,
561-666-9818ssainsbury@rennovahealth.comInvestorsLHAKim Golodetz,
212-838-3777Kgolodetz@lhai.comorBruce Voss,
310-691-7100Bvoss@lhai.com