Bionano Genomics (NASDAQ:BNGO) acquired closely-held Lineagen, a genetics diagnostic company, to further support its leadership in digital cytogenetics and comprehensive genetic diagnostics for pediatric neurodevelopmental disorders.
Bionano paid about $9.6-million for Lineagen, consisting of 6,167,510 shares of its common stock, about $1.7-million in cash and assumption of approximately $2.9-million in liabilities. Bionano also paid approximately $1.1-million to satisfy outstanding principal and accrued interest of Lineagen.
“Lineagen has been a pioneer in clinical testing for structural variations in patients with neurodevelopmental disorders, including autism spectrum disorder, developmental delay and other constitutional genetic diseases,” Erik Holmlin CEO of Bionano, said in a statement.
Bionano’s Saphyr genome imaging platform has been shown to outperform the current gold standard methods for clinical cytogenetic testing, karyotyping, chromosomal microarray and fluorescence in-situ hybridization.
Mr. Holmlin said the acquisition accelerates Bionano’s efforts to bring Saphyr to clinical testing within a CLIA environment by adding essential skills and relationships with physicians and payers in place at Lineagen.
Michael Paul, chief strategy officer of Bionano and former CEO of Lineagen, said Bionano’s Saphyr system for comprehensive structural variation analysis allows the combined companies to expand and accelerate this innovation process and develop, validate and introduce novel tests that outperform those based on traditional sequencing or cytogenetic technologies.
