New Day Diagnostics announced that the extraordinary general meeting of Epigenomics AG, a molecular diagnostics company focused on blood testing for the early detection of cancer, has approved the acquisition agreement between the two organizations.
The agreement’s completion aims to further enhance New Day Diagnostics’ ability to improve lives by empowering people with innovative, accessible diagnostics.
“New Day Diagnostics is thrilled that the resolutions required for the execution of this Agreement have been successfully passed,” says Eric Mayer, president and CEO of New Day Diagnostics. “This development is a testament to the commitment and vision of both organizations to increase survivorship from colorectal cancer with an accurate, affordable, accessible test requiring routine blood collection as a path to increasing compliance.”
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Jens Ravens, Executive of Epigenomics AG, added: “We are very pleased that the Extraordinary General Shareholders’ Meeting followed our reasoning and approved the agreement with an overwhelming majority. As a result, there is now a realistic possibility that Epigenomics’ considerable groundwork will bear fruit and patients will benefit from the blood-based colorectal cancer screening test.“
The agreement, approved by the extraordinary general meeting, leads to the sale of nearly all assets held by Epigenomics AG to New Day Diagnostics. The approval of this Agreement was necessary under Section 179a of the German Stock Corporation Act (AktG). Additionally, the Extraordinary General Meeting gave the green light to amend the statutory purpose of Epigenomics AG, aligning it with the future purpose of Epigenomics AG and the strategic goals of the acquisition.
The closing of the agreement remains subject to customary closing conditions, and both parties are diligently working towards its completion. Once finalized, this strategic move will empower New Day Diagnostics, a full-service diagnostics developer, marketer, and CRO service provider to expedite this solution through clinical trials to manufacturing and market entry.