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Pharma Tech Outlook | Thursday, September 03, 2020
The addition of Lineagen gives Bionano a powerful combination of centralized and decentralized solutions for genomics research and clinical genomics to support revenue growth.
FREMONT, CA: Bionano Genomics, acquires Lineagen, a Salt Lake City, Utah based genetic diagnostic company, further supporting its market leadership in digital cytogenetics and comprehensive genetic diagnostics for pediatric neurodevelopmental diseases. Bionano visions to revolutionize clinical genome testing and genomics research by making comprehensive structural variation analysis a regular process that is accurate, optimized, efficient, and cost-effective.
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Bionanos Saphyr genome imaging technology has shown to outperform the present gold standardS for clinical cytogenetic testing, chromosomal microarray (CMA), karyotyping, and fluorescence in-situ hybridization (FISH). Lineagen has expertise in pediatric neurodevelopmental disorders, like autism spectrum disorder and developmental delay, and has created proprietary technology and commercialized multiple LDTs. With the acquisition of Lineagen, Bionano widened CLIA-certified diagnostic testing services along with commercializing cytogenetic assays, genetic counseling, payor contracts, and reimbursement.
Being a pioneer in clinical testing for structural variations, Lineagen’s information significantly improves management, and they are key areas of strategic and clinical interest to Bionano. This acquisition adds that business and accelerates Bionano’s efforts to bring Saphyr to clinical testing within a CLIA environment by adding skills and relationships with physicians and payors in place at Lineagen. Incredible talent and clinical experience at Lineagen will help drive the development and launch of a menu of genomic assays based on Saphyrs simple, straightforward workflow. By doing so, Bionano provides a roadmap for others to follow, setting Saphyr on track to integrate and enhance existing cytogenetic workflows around the world.
Bionano Genomics is an organic fit for Lineagen. Bionanos Saphyr system for comprehensive structural variation analysis enables the combined firms to widen and accelerate the innovation process and develop, validate, and release novel tests that outperform traditional sequencing or cytogenetic technologies. Bionano paid approximately $9.6 million in consideration for Lineagen, consisting of 6,167,510 shares of Bionanos common stock, approximately $1.7 million in cash, and an assumption of approximately $2.9 million in liabilities.
Bionano is a genome analysis firm providing tools and services based on its Saphyr system to scientists and clinicians conducting genetic research and patient testing.
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