Rennova Health Achieves Corporate Milestone with Recent Acquisition of Genomas, Inc.
November 02 2016 - 8:30AM
Business Wire
Rennova Health, Inc. (NASDAQ:RNVA) (NASDAQ:RNVAZ), a
vertically integrated provider of industry-leading diagnostics and
supportive software solutions to healthcare providers, today
announces additional details regarding its recent acquisition of
Genomas, Inc.
“We are very pleased to have acquired Genomas, Inc., as
announced on September 29, 2016. Genomas diagnostics and technology
fits within our core business model and allows us to expand our
offer of industry leading diagnostics to doctors and their
patients. The opportunity to take ownership of a diagnostic
solution that reflected the investment of many years and millions
of dollars to develop and to then be able to utilize our sales,
compliance and billing infrastructure to grow the business are
activities in which we have a proven ability to excel,” said
Rennova CEO, Seamus Lagan. In discussing this acquisition, Mr.
Lagan highlighted the following:
- Genomas conducts a genetic diagnostic
using FDA approved kits and methodology that gives the physician
the ability to evaluate, select and manage a patient’s medications
based on DNA analysis and proprietary algorithms so as to improve
efficacy and avoid potentially serious complications and drug
interactions.
- Rennova Health has now added the
pharmacogenetic tests performed via FDA-approved in vitro
diagnostic (IVD) genotyping kits to its menu and has already
succeeded in securing referrals for in excess of 400 patients.
- Results for the diagnostics are
delivered through an online portal and the proprietary and patented
software MEDtuning, which provides an advanced genetic assessment
of the medicines currently prescribed or being considered for a
patient. The MEDtuning report can significantly improve the
management of patients on multi-drug regimens to treat common
general and mental health diseases, whether it be addiction, pain
management, depression or diabetes.
- Rennova sales team will focus on
marketing a variety of pharmacogentic panels utilizing genes for
which various payers have approved CPT codes for
reimbursement.
- Rennova originally acquired a third
party’s 15% holding in Genomas for $250,000 on July 20th 2016.
Following that, Rennova signed a definitive agreement to acquire
the balance of Genomas on 29th September 2016, for newly created
Series F convertible preference shares that convert into a maximum
of 897,436 common shares no earlier than 12 months after the close
and no later than 60 months after the close. Rennova also assumed
$800,000 of debt owed by Genomas at closing.
“With Rennova, we will deliver the integrated molecular,
biochemical and informatics monitors for precision medicine: the
suite of pharmacogenetics, toxicology, and clinical decision
support,” said Dr. Gualberto Ruano, President & Medical
Director, Genomas. “This industry-leading platform from Rennova
will help prevent adverse events and addiction when interacting
drugs are prescribed in behavioral health and primary care,” added
Dr. Ruano.
About Rennova Health, Inc.
Rennova Health, Inc. provides industry-leading diagnostics
and supportive software solutions to healthcare providers,
delivering an efficient, effective patient experience and superior
clinical outcomes. Through an ever-expanding group of strategic
brands that work in unison to empower customers, we are creating
the next generation of healthcare. For more information about
Rennova Health, Inc., visit www.rennovahealth.com.
Rennova Health Safe Harbor Statement
This press release includes forward-looking statements that are
subject to significant risks and uncertainties; actual results
could differ materially from those projected and Rennova Health
cautions investors not to place undue reliance on the
forward-looking statements contained in this release. Risks and
uncertainties relating to Rennova Health include those found in
Rennova’s filings with the Securities and Exchange Commission,
which are available on www.sec.gov. Rennova Health undertakes no
obligation to update or revise any such forward-looking statements
to reflect subsequent events or circumstances, except as may be
required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20161102005287/en/
Rennova HealthSebastien
Sainsbury, 561-666-9818ssainsbury@rennovahealth.com
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