Response Genetics acquires FDA-cleared test for solid tumors
Response Genetics (RGDX) buys the "key assets" of Pathwork Diagnostics for $200K in cash and 500K shares of RGDX which are subject to a 10-month lock-up period.
The deal give RGDX an "FDA-cleared, Medicare-reimbursed test for the diagnosis of metastatic, poorly differentiated and undifferentiated cancer" which had 2012 sales "in the mid seven figure range."
The acquired test helps to determine the site of origin for tumors by comparing "the expression of 2K genes in a patient's tumor with a panel of 15 known tumor types that represent 90% of all cancers." (PR)