NEW YORK – Progenity said on Thursday that it has divested its collection of discovery-stage biochemical and bioinformatics technologies for rapid, low-cost liquid biopsy testing to newly formed Enumera Molecular.
Under the terms of the agreement, Progenity is contributing all assets related to the technologies to Enumera, which intends to develop and commercialize them. Progenity will receive an ownership stake in the company.
Enumera is being funded with an initial $12.5 million Series A financing round led by Arboretum Ventures. The company is headed by Progenity's former CSO Matthew Cooper, who was involved in creating the liquid biopsy technologies.
The companies did not provide further details on the assets or specify what types of liquid biopsy tests Enumera aims to commercialize.
Up until mid-2021, San Diego-based Progenity offered a suite of women's health diagnostics but the firm announced in June that it was closing its genetics lab as part of a strategic shift to focus on drug delivery technologies and therapeutics.
"We continue our commitment to realizing the value of our intellectual property as we complete the strategic transformation of the company," Progenity CEO Adi Mohanty said in a statement.