Exact Sciences (EXAS) Reports Acquisitions of Paradigm Diagnostics Inc. and Viomics Inc.
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Exact Sciences Corp. (NASDAQ: EXAS) today announced the completion of its acquisitions of Paradigm Diagnostics, Inc. and Viomics, Inc., two privately held companies based in Phoenix. Together, Paradigm and Viomics provide a differentiated late-stage therapy selection test and deep competencies in sequencing and biomarker discovery, extending Exact Sciences' lab testing and research and development capabilities.
"The addition of these companies and their talented team members to Exact Sciences is another step forward in extending our leadership in advanced cancer diagnostics," said Kevin Conroy, chairman and CEO of Exact Sciences. "Viomics' research capabilities and the Paradigm therapy selection test and scalable clinical lab, combined with the powerful Exact Sciences commercial platform, allow us to provide patients with smarter, faster answers throughout the cancer continuum."
Paradigm currently offers a comprehensive genomic profiling test for patients with advanced, refractory, or recurrent cancer, allowing physicians to better understand a patient's tumor profile and more effectively recommend targeted therapies or clinical trials. Palmetto GBA, a Medicare Administrative Contractor that assesses molecular diagnostic technologies under its MolDx program, recently covered the test under its existing local coverage determination for Next-Generation Sequencing for Solid Tumors. Differentiated from other tests by a design that requires smaller sample requirements and delivers faster results, the test is critical in supporting treatment decisions and builds upon the successful foundation of the Exact Sciences' Precision Oncology team.
Viomics provides extensive sequencing capabilities and expertise in identifying unique biomarkers that indicate the presence of cancer in solid tissue and blood. The expertise of their team brings additional resources to Exact Sciences' world-class research and development team, and any future biomarker discoveries may be used in Exact Sciences' pipeline cancer tests. Sequencing will play a pivotal role in bringing tissue and blood-based advanced cancer diagnostics to patients and physicians.
Paradigm and Viomics will remain based in Phoenix. Financial terms of the transactions are not being disclosed. XMS Capital Partners served as advisor to Exact Sciences on these transactions.
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