Reig Jofre buys the diagnostics division of Oryzon Genomics
<p>The pharmaceutical company has acquired 100% of the shares in Geadic Biotech, where the two companies were working on a molecular test for the early detection of endometrial cancer</p>
Reig Jofre has completed the purchase of the remaining 50% of shares in Geadic Biotech, becoming the sole shareholder of the business, which was previously owned jointly with Oryzon Genomics. This transaction means Oryzon completes the company's disinvestment in the business, which had previously been channeled to the molecular diagnosis division (Oryzon Diagnosis). Oryzon will now focus on R+D in the field of epigenetics, and divert funding there.
In 2014, Oryzon sold 75% of its shares to Reig Jofre and other minority shareholders such as Inveready. At the time, the transaction was completed via the transfer of 221,518 shares from Reig Jofre to Inveready Capital Company and a minority shareholder group from Oryzon Diagnosis.
The main product produced by Geadic Biotech is GynCE-DX, the first in vitro molecular diagnostic test for the early detection of endometrial cancer, the most common gynecological cancer in Europe and the United States according to the national cancer observatory in the United States.
The two companies started to develop the medical device in 2006. It is based on detected biomarkers and has shown a clinical proven reliability rate of 99%, an improvement on conventional histological techniques. Researchers from the Vall d’Hebron University Hospital and the Bellvitge University Hospital collaborated with the research effort from the beginning.
The GynCE–DX test is currently being used successfully in over a dozen private hospitals and clinics in Spain. Reig Jofre will work on the system so that if offers a prognosis on any endometrial tumors found as well as a diagnosis. In addition, the pharmaceutical company wants to start a study to use it to monitor patients with Lynch syndrome or hereditary nonpolyposis colorectal cancer.
Geadic Biotech already has a portfolio of patents, and this patent has been approved in Europe, USA and China since 2015. According to the CEO of Oryzon Genomics, Carlos Buesa, “CynCE–DX shows how collaboration between Spanish biotechnology and pharmaceutical companies can provide tangible results that help patients". The CEO of Reig Jofre, Ignasi Biosca, also commented that: “We believe in a concept of R+D that would allow us to join strengths with other centers and companies in the industry to reduce the time to market”.