Signal Genetics announced an agreement with New York based ChipDX LLC ("ChipDX"), under which Signal will acquire all of the assets of ChipDX, including patents for prognostic tests in lung, breast, and colon cancers. As part of the transaction, Signal will acquire BreastGeneDX(R), ColonGeneDX(R), and LungGeneDX(R), all diagnostic and prognostic tests in development by ChipDX. Signal believes that these genetic tests represent novel products or improvements over other products currently on the market in these cancer types. Signal will also acquire ChipDX's web-based interface, which will be used to enhance Signal's physician web portal and allow for remote interpretation of test algorithms. Ryan VanLaar, Ph.D., CEO and Founder of ChipDX, will join Signal as the Head of BioInformatics. Financial details of the transaction were not disclosed.
ChipDX has been recognized by leading molecular diagnostics companies and academic centers for its work in various types of cancer, including most recently for its work on the BreastGeneDX(R) prognostic test. The acquired tests will leverage the technology platform currently in use by Signal Genetics and its subsidiaries and will provide economies of scale to the Company's currently commercialized Multiple Myeloma prognostic test, MyPRS Plus(TM). Additionally, Signal Genetics will leverage its recently established sales team as well as its commercial partners to launch the acquired products.
"The acquisition of the intellectual property and patents of ChipDX dramatically expands and enhances our oncology pipeline," said Joe Hernandez, President and CEO of Signal. "The addition of ChipDX's bioinformatics capabilities drastically reduces our time to market with novel molecular tests designed to facilitate better patient outcomes at a lower cost profile. We are also thrilled to have Ryan VanLaar join our team and we welcome him to Signal. This transaction is consistent with our strategy to develop and acquire innovative tools that both complement and enhance our product portfolio."
Ryan van Laar, CEO and Founder of ChipDX LLC, said, "Joining forces with Signal Genetics provides us with a vehicle to ultimately commercialize our strong portfolio of predictive molecular diagnostic tests. I look forward to leveraging the experience gained in the development of ChipDX to help Signal Genetics achieve its goals, and ultimately improve patient outcomes."