Gen-Probe Incorporated completed the acquisition of assets related to PCA3 prostate cancer biomarker from DiagnoCure Inc..
February 16, 2016
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Gen-Probe Incorporated entered into an asset purchase agreement to acquire all assets related to PCA3 prostate cancer biomarker from DiagnoCure Inc. (TSX:CUR) for CAD 6.5 million on December 23, 2015. Gen-Probe will pay CAD 5.5 million in cash. DiagnoCure will also redeem the 4.9 million series A convertible preferred shares of DiagnoCure held by Gen-Probe. As part of the arrangement, Gen-Probe will obtain a right of first refusal to license the DiagnoCure's new multi-marker prostate cancer test in the field of high-volume in vitro diagnostics (IVD) testing under specific conditions. The transaction is unanimously approved by the board of directors of DiagnoCure and is subject to approval by DiagnoCure's shareholders. DiagnoCure will distribute the proceeds from sale to its shareholders. A special meeting of shareholders of DiagnoCure for the approval is scheduled on February 12, 2016. Shareholders of DiagnoCure approved the transaction on February 12, 2016. The transaction is expected to close on or about February 17, 2016. KPMG provided the fairness opinion to the board of directors of DiagnoCure.
Gen-Probe Incorporated completed the acquisition of assets related to PCA3 prostate cancer biomarker from DiagnoCure Inc. (TSX:CUR) on February 17, 2016.
9342-8530 Quebec Inc is a Canada-based biotechnology company. The Company specializes in the development and commercialization of products relating to the diagnosis of cancer. It intends to focus its activities on business development efforts by out-licensing, selling, or partnering with third parties with regards to its Previstage GCC and its new multimarker prostate cancer test (PCP). The Company's colorectal cancer staging test, Previstage GCC, uses the Guanylyl Cyclase C (GCC or GUCY2C) marker to stratify the risk of colon cancer recurrence by determining the stage of the disease. Previstage GCC Colorectal Cancer Staging test is a molecular test for the staging of colorectal cancer patients. The PROGENSA PCA3 assay is a molecular urine test that can be used as a predictor of biopsy outcome in men with a serum prostate specific antigen (PSA) level over 2.5 nanograms per milliliter (ng/ml).