“Applied Genomics and Clarient represent a strong strategic and technological fit providing for multiple proprietary tests that can be commercialized via the Clarient national footprint,” said Ron Andrews, the CEO of Clarient, Inc.
Clarient, Inc. acquired all the ownership interests in Applied Genomics, Inc. in exchange for 7.6 million shares of Clarient common stock. Clarient, Inc. will transfer 4.4 million shares immediately, and 3.2 million shares will be held and transferred upon satisfaction of revenue and clinical requirements specified in the merger agreement between the two companies.
Clarient, Inc. is a diagnostic company specializing in the detection of cancer in patients, including breast and colorectal cancer, leukemia and lymphoma.
Applied Genomics, Inc. designs and sells diagnostic products and is launching Pulmotype, a product used to detect lung cancer, in early 2010. The company also has other products in its pipeline that are designed to detect lung, breast and ovarian cancer.