Trovagene Closes Acquisition of CLIA Laboratory Assets

SAN DIEGO, Feb. 8, 2012 /PRNewswire/ -- Trovagene, Inc. (Pink Sheets: TROV.PK), a developer of trans-renal molecular diagnostics, today announced that it has closed its acquisition of MultiGEN Diagnostics, Inc.'s clinical laboratory assets.  Trovagene previously announced the execution of the Asset Acquisition Agreement on January 6, 2012.

About Trovagene, Inc.

Headquartered in San Diego, California, Trovagene is developing its patented technology for the detection of transrenal DNA and RNA, short nucleic acid fragments, originating from normal and diseased cell death that cross the kidney barrier and can be detected in urine.

Trovagene has a dominant patent position as it relates to transrenal molecular testing. It has U.S. and European patent applications and issued patents that cover testing for HPV and other infectious diseases, cancer, transplantation, prenatal and genetic testing. In addition, it owns worldwide rights to nucleophosmin-1 (NPM1), an informative biomarker for acute myeloid leukemia (AML) and mutations in the sf3b1 gene, which have been shown to be associated with chemotherapy response in CLL (chronic lymphocytic leukemia) patients.

Trovagene has filed a Form 10 with the SEC. More complete current information about TrovaGene is contained in the filing.

About MultiGEN

MultiGEN continues to operate as a molecular diagnostics company focused on DNA sequence based identification services having IP protected technologies. Using the well-documented 'Gold-Standard' accuracy of DNA sequencing, MultiGEN is able to provide 'Syndrome Driven Panels' in a single test that screens for all the pathogens or mutations that can cause a particular syndrome regardless of whether they are bacteria, viruses, fungi or parasites. MultiGEN does this with same-day reporting to better assist with the timely creation of an optimal treatment regime. MultiGEN's other two groups of applications include developing highly sensitive assays to detect mutations among samples carrying heterogeneous genomes and applications in drug development.

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated" and "intend," among others. These forward-looking statements are based on TrovaGene's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payer reimbursement; limited sales and marketing efforts and dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any medical diagnostic tests under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that future clinical trials discussed in this press release will be completed or successful or that any product will receive regulatory approval for any indication or prove to be commercially successful. TrovaGene does not undertake an obligation to update or revise any forward-looking statement.

Contact:
Venanzio Ciampa
+1 (212) 217 9065
[email protected]

SOURCE Trovagene, Inc.

Suggested Articles

As Relay looks to enter the clinic in 2020, the company is adding a trio of biopharma vets to its leadership team.

A phase 3 trial of Myovant Sciences’ relugolix in prostate cancer has met its primary endpoint, teeing the company up to file for FDA approval.

The Medicines Company, fresh from its turn at the AHA this weekend, has seen its shares jump on growing rumors that Novartis wants to acquire it.