NEW YORK (GenomeWeb) – Rennova Health said today that it has acquired the 85 percent stake in pharmacogenetics testing firm Genomas that it did not already own.
Hartford, Connecticut-based Genomas has developed and offers the PhyzioType System for DNA-guided management and prescription of drugs used to treat mental illness, pain, heart disease and diabetes.
Rennova, which had already acquired around 15 percent of Genomas in July, said it had acquired the remaining 85 percent of Genomas for a total of $1.75 million in newly created Series F convertible preference shares and about $800,000 of existing debt.
The conversion price will be the higher of two options — $1.95, or the average of the closing price of Rennova shares during the 10 days prior to conversion.
"This acquisition allows Rennova to deliver diagnostic results that use DNA-guided management and selection of drugs used to treat mental illness, pain, heart disease, and diabetes," Seamus Lagan, CEO of Rennova Health, said in a statement. "Genomas PhyzioType Systems provide physicians with an unprecedented capability to reduce risk and select the safest and most effective drug to achieve treatment goals and enhance patient compliance," Lagan added.
West Palm Beach, Florida-based Rennova provides diagnostics and supportive software solutions to healthcare providers. In Thursday morning trade on the Nasdaq, shares of Rennova were unchanged at $.18 per share.