KNOXVILLE, Tenn.--(BUSINESS WIRE)--New Day Diagnostics LLC is pleased to announce that it has entered into an asset purchase agreement with Epigenomics AG (Frankfurt Prime Standard: ECX, OTCQX: EPGNY), a molecular diagnostics company focused on blood testing for the early detection of cancer. This agreement is the successful result of negotiations previously disclosed by Epigenomics AG in their ad hoc announcement dated June 12, 2023.
Today's announcement comes on the heels of New Day Diagnostics’ recent merger with EDP Biotech Corp. and furthers the company’s mission of expanding the availability of cost-effective early-detection products to patients.
Under the terms of the agreement, New Day Diagnostics would acquire substantially all of Epigenomics AG’s assets and intellectual property. The acquisition would expand New Day Diagnostics' portfolio in the cancer diagnostics space and include proprietary biomarker technology for the detection of methylated DNA in various cancer indications, including Epi proColon, a screening tool for the non-invasive detection of colorectal cancer.
“We began a mission nearly two decades ago to drive accessibility of cost-effective early detection products. The addition of Epi proColon expands the company portfolio to include a much needed non-invasive CRC screening test that is both affordable and convenient,” said Eric Mayer, CEO of New Day Diagnostics LLC. “And we are excited to explore additional possibilities for the methylated DNA biomarker in improving patient outcomes for other indications.”
The commercialization of Epi proColon “Next-Gen” is one of the expected outcomes of the sale of Epigenomics assets to New Day Diagnostics. This, coupled with an increased likelihood of reimbursement by CMS, would allow the company to make an important contribution to reducing cancer disease and deaths.
Jens Ravens, Executive of Epigenomics said, “There is a great deal of strategic alignment between our companies. Because of this, I feel confident that the best of our products and biomarker technology will move into the next chapter of bringing a blood-based colorectal cancer diagnostic to the market that is both affordable and accessible.”
New Day Diagnostics is committed to empowering people around the world to manage their healthcare and live healthier lives through accessible diagnostic testing. The company is focused on innovating in areas that improve affordability as well as convenience for people around the world. New Day Diagnostics specializes in designing, developing, and bring to market diagnostic tests, and the Epigenomics assets would further enhance the company’s ability to develop and commercialize diagnostic tests for earlier intervention and improved patient outcomes.
TCB Capital Advisors, an affiliate of Weild & Co., acted as the exclusive financial advisor to New Day Diagnostics on this transaction, and Brock Shipe Klenk PLC, Orrick Herrington & Sutcliffe LLP, and Merchant & Gould acted as New Day Diagnostics' legal advisors.
About New Day Diagnostics, LLC
New Day Diagnostics, LLC, located in Knoxville, TN is a full-service diagnostic healthcare company committed to the development of innovative diagnostic solutions that lead to improved patient outcomes while reducing healthcare costs. The company is a Contract Research Organization (CRO) with the capabilities for support throughout the diagnostic process, from biomarker to discovery to product launch. It includes an ISO 13485:2016 and CLIA certified in vitro diagnostics laboratory specializing in oncology, gastrointestinal disease, infectious disease, and women’s health. The company is also in active development and distribution of affordable, state-of-the-art, multiplex, point-of-care, and over-the-counter tests that allow early detection and monitoring of disease through accuracy, ease of use, and affordability.
Epigenomics AG is a molecular diagnostics company focused on blood testing for the early detection of cancer. Based on its proprietary biomarker technology for the detection of methylated DNA, Epigenomics developed blood tests for various cancer indications with high unmet medical needs.
About TCB Capital Advisors
TCB Capital Advisors specializes in advising on companies' buying, selling, investment, and growth strategies. TCB offers a tailored approach to each of our clients. Outside of transactions alone, work with our clients can include building a corporate development function, working with the business development team to grow revenue or post-transaction integration and consulting services. Our ethos asserts that such services aren't isolated from transactions, but integral to supporting management towards successful expansion or exit. TCB Capital Advisors is an affiliate of Weild & Co. Securities transactions effected through Weild & Co., member FINRA/SIPC.