ExonHit Therapeutics SA announces that it entered into a binding agreement for the acquisition of RedPath Integrated Pathology Inc , a privately held molecular diagnostics company, focused on cancer. RedPath will become part of ExonHit’s US operations.
Headquartered in Pittsburgh, Pennsylvania, RedPath has a unique DNA-based technology platform, PathFinderTG®, which provides diagnostic information that can lead to a more personalized patient clinical management decision. This powerful analytical tool improves the diagnosis of difficult cases in which cancerous or pre-cancerous conditions are not identified by a conventional pathology examination.
RedPath successfully developed, launched, and earned reimbursement for the sophisticated PathFinderTG molecular diagnostic assay for pancreatic cancer. A second assay to differentiate primary from metastasis tumors is being launched. The company’s other service lines include two programs in late-stage development and several earlier stage development programs in oncology.
“The acquisition of RedPath is a significant milestone in ExonHit’s strategy to become an internationally recognized player in molecular diagnostics. This transaction will strengthen our presence in the USA which represents 55% of the multi-billion dollar molecular diagnostics market,” said Loïc Maurel, MD, President of the Management Board at ExonHit Therapeutics. “RedPath provides a strong strategic and business fit with ExonHit. We are looking forward to working with the talented RedPath team and believe that this strategic move will give ExonHit a new dimension, with an innovative offering in oncology, the fastest-growing segment in molecular diagnostics.”
“We are very pleased with this outcome as it will benefit patients, clinicians and the employees of RedPath. Combining ExonHit’s and RedPath’s respective technologies, know-how and resources will help maximize the potential of both PathFinderTG and AclarusDx™ platforms,” stated Mark D. Myslinski, President and CEO of RedPath. “The transaction is good news for both the investors and the entire RedPath team who will remain highly involved in the development and commercialization of the PathFinderTG line and constitute a key asset for the commercial success of AclarusDx in the US. Additionally, the company is eager to bring the clinical solutions to the EU patients and clinicians who will benefit from the clinical utility of the assays.”
Source: ExonHit Therapeutics