SAN FRANCISCO, Nov. 11, 2019 /PRNewswire/ -- Invitae
Corporation (NYSE: NVTA), a leading medical genetics company,
today announced it has entered into a definitive agreement to
acquire Clear Genetics, a leading developer of software for
providing genetic services at scale. Using intuitive chatbots,
Clear Genetics equips patients with actionable information
throughout the genetic testing process and provides guidance for
understanding test results. The acquisition will further expand
Invitae's ability to scale and deliver genetic information as a
part of routine medical care.
"For genetics to truly go mainstream, patients and clinicians
need automated workflow solutions like those Clear Genetics has
created," said Sean George,
co-founder and chief executive officer of Invitae. "In working with
the Clear Genetics team over the past year, we have first-hand
experience with the value of their patient-centric services. With
their capabilities we will greatly enhance our ability to provide a
streamlined customer experience, enable scaled clinician education
and support, and arm genetics experts with the tools they need to
keep up with the exploding demand for genetic information in
healthcare."
Clear Genetics' chatbot, named Gia, is an easy-to-use platform
that guides patients throughout the genetic testing process and is
currently being used by customers in Invitae's direct channel. Gia
was developed in collaboration with genetic counselors to ensure
information is offered in a medically responsible way. Gia can
guide patients regarding consent, personalized risk assessment,
insurance benefits, pre/post-test education and understanding their
test results, all through an intuitive online conversation.
Patients ask Gia questions throughout the process, and Gia uses
natural language processing to respond with the resources they
need.
"We founded Clear Genetics with a mission to simplify the
genetic testing process for as many people as possible by providing
easy-to-use, automated tools that help both patient and clinician
from initial appointment to results," said Moran Snir, co-founder and chief executive
officer of Clear Genetics. "Our shared mission to bring genetics to
mainstream medicine makes joining Invitae the perfect next step on
our path to delivering better healthcare and personalized treatment
options globally."
In addition to Gia, Clear Genetics' Clinic Hub provides
clinicians with similarly easy-to-use software to help manage
patient care, including, for example, automated patient triage. The
company's software has been deployed at leading health systems and
clinics around the country, such as Geisinger and Huntsman Cancer
Institute, among others.
"Clear Genetics' technologies have been designed to meet the
needs of clinicians. In some ways, they can be thought of as a
digital navigator for using genetic testing to care for patients,"
said Robert Nussbaum, chief medical
officer of Invitae. "Clear Genetics, like Invitae, developed these
tools with the goal of ensuring easier access to medically
responsible, actionable genetic testing. Understanding how best to
expand the use of these technologies will play an important role in
answering how clinicians will harness the power of genetics in
mainstream medicine."
Under the definitive agreement, Invitae will acquire Clear
Genetics for aggregate consideration of approximately $50 million, consisting of approximately
$25 million in cash and the remainder
in shares of Invitae common stock, which consideration is subject
to adjustment based on the net working capital of Clear Genetics at
closing, among other factors. A portion of such consideration will
be subject to a hold back to satisfy indemnification obligations
that may arise, and securityholders of Clear Genetics will have the
right for Invitae to register for resale on Form S-3 shares of
Invitae common stock issued in the acquisition. The acquisition is
expected to close in the coming days, subject to customary closing
conditions.
Invitae was represented by Pillsbury Winthrop Shaw Pittman LLP
and Clear Genetics was represented by ZAG/Sullivan and LglBiz.
About Clear Genetics
Clear Genetics is a Y Combinator
company and leader in developing innovative, patient-centric
software to thoughtfully integrate genetics into routine patient
care. Their HIPAA-compliant platform offers an automated and
comprehensive solution to deliver genetic services at scale. Clear
Genetics serves leading health systems, clinics and commercial labs
across the nation. Visit: ClearGenetics.com
About Invitae
Invitae Corporation (NYSE: NVTA) is a
leading medical genetics company whose mission is to bring
comprehensive genetic information into mainstream medicine to
improve healthcare for billions of people. Invitae's goal is to
aggregate the world's genetic tests into a single service with
higher quality, faster turnaround time, and lower prices. For more
information, visit the company's website at invitae.com.
Safe Harbor Statement
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
relating to the potential benefits of the proposed acquisition; the
expected timing of the closing of the proposed acquisition; the
capabilities and benefits of Clear Genetics' technology; the
company's ability to expand the use of Clear Genetics' technology
and the impact thereof; the company's business strategy, and its
beliefs regarding the ways in which the proposed acquisition will
contribute to that strategy. Forward-looking statements are subject
to risks and uncertainties that could cause actual results to
differ materially, and reported results should not be considered as
an indication of future performance. These risks and uncertainties
include, but are not limited to: the parties' ability to
satisfy the conditions precedent to the consummation of the
proposed transaction, including the parties' ability to close the
proposed merger; the occurrence of any event that could give rise
to the termination of the definitive agreement; unanticipated
difficulties or expenditures relating to the proposed transaction;
the risk that expected benefits of the proposed transaction may not
be achieved in a timely manner, or at all; the risk that Clear
Genetics may not be successfully integrated with the company's
business following the closing, or that Clear Genetics' technology
may not be successfully integrated into the company's platform; the
company's history of losses; the company's ability to compete; the
company's ability to manage growth effectively; the company's
ability to use rapidly changing genetic data to interpret test
results accurately and consistently; security breaches, loss of
data and other disruptions; laws and regulations applicable to the
company's business; and the other risks set forth in the company's
filings with the Securities and Exchange Commission, including the
risks set forth in the company's Quarterly Report on Form 10-Q for
the quarter ended September 30, 2019.
These forward-looking statements speak only as of the date hereof,
and Invitae Corporation disclaims any obligation to update these
forward-looking statements.
Contact:
Laura
D'Angelo
pr@invitae.com
(628) 213-3283
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SOURCE Invitae Corporation