Rennova Health, a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers, today announces additional details regarding its recent acquisition of Genomas.
Rennova Health, Inc. (NASDAQ:RNVA) (NASDAQ:RNVAZ), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers, today announces additional
details regarding its recent acquisition of Genomas, Inc.
“We are very pleased to have acquired Genomas, Inc., as announced on
September 29, 2016. Genomas diagnostics and technology fits within our
core business model and allows us to expand our offer of industry
leading diagnostics to doctors and their patients. The opportunity to
take ownership of a diagnostic solution that reflected the investment of
many years and millions of dollars to develop and to then be able to
utilize our sales, compliance and billing infrastructure to grow the
business are activities in which we have a proven ability to excel,”
said Rennova CEO, Seamus Lagan. In discussing this acquisition, Mr.
Lagan highlighted the following:
- Genomas conducts a genetic diagnostic using FDA approved kits and
methodology that gives the physician the ability to evaluate, select
and manage a patient’s medications based on DNA analysis and
proprietary algorithms so as to improve efficacy and avoid potentially
serious complications and drug interactions.
- Rennova Health has now added the pharmacogenetic tests performed via
FDA-approved in vitro diagnostic (IVD) genotyping kits to its menu and
has already succeeded in securing referrals for in excess of 400
- Results for the diagnostics are delivered through an online portal and
the proprietary and patented software MEDtuning, which provides an
advanced genetic assessment of the medicines currently prescribed or
being considered for a patient. The MEDtuning report can significantly
improve the management of patients on multi-drug regimens to treat
common general and mental health diseases, whether it be addiction,
pain management, depression or diabetes.
- Rennova sales team will focus on marketing a variety of pharmacogentic
panels utilizing genes for which various payers have approved CPT
codes for reimbursement.
- Rennova originally acquired a third party’s 15% holding in Genomas for
$250,000 on July 20th 2016. Following that, Rennova signed
a definitive agreement to acquire the balance of Genomas on 29th
September 2016, for newly created Series F convertible preference
shares that convert into a maximum of 897,436 common shares no earlier
than 12 months after the close and no later than 60 months after the
close. Rennova also assumed $800,000 of debt owed by Genomas at
“With Rennova, we will deliver the integrated molecular, biochemical and
informatics monitors for precision medicine: the suite of
pharmacogenetics, toxicology, and clinical decision support,” said Dr.
Gualberto Ruano, President & Medical Director, Genomas. “This
industry-leading platform from Rennova will help prevent adverse events
and addiction when interacting drugs are prescribed in behavioral health
and primary care,” added Dr. Ruano.
About Rennova Health, Inc.
Health, Inc. provides industry-leading diagnostics and supportive
software solutions to healthcare providers, delivering an efficient,
effective patient experience and superior clinical outcomes. Through an
ever-expanding group of strategic brands that work in unison to empower
customers, we are creating the next generation of healthcare. For more
information about Rennova Health, Inc., visit www.rennovahealth.com.
Rennova Health Safe Harbor Statement
This press release includes forward-looking statements that are subject
to significant risks and uncertainties; actual results could differ
materially from those projected and Rennova Health cautions investors
not to place undue reliance on the forward-looking statements contained
in this release. Risks and uncertainties relating to Rennova Health
include those found in Rennova’s filings with the Securities and
Exchange Commission, which are available on www.sec.gov.
Rennova Health undertakes no obligation to update or revise any such
forward-looking statements to reflect subsequent events or
circumstances, except as may be required by law.