Sequenom - All Systems Go on Down Syndrome Test

By: TraderMark Tuesday, September 23, 2008 6:31 PM

Symbols: CVS, SNP, SQNM

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The SEQureDx prototype test also demonstrated its ability to correctly identify a Down syndrome positive sample in the first trimester, confirmed by chorionic villus sampling (CVS), a current testing standard that requires the harvesting of placental tissue cells.

Sequenom indicated that with the addition of new SNPs in PLAC4 and a recently discovered gene, the SEQureDx Trisomy 21 test should increase its coverage from 93% to greater than 95% in the US population.

The Company expects to continue its current development activities through the end of 2008, at which time the Company will initiate a multi-site 3,000 to 5,000-sample laboratory developed test (LDT) validation study, which is expected to be completed and submitted for publication at the time of the anticipated commercial launch in June 2009

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They also bought a lab for $4M, 90% of which will be paid for in stock

Genetic testing products maker Sequenom Inc. said Tuesday it agreed to buy the Center for Molecular Medicine, a clinical diagnostics laboratory, for approximately $4 million. Sequenom said the acquisition will help it test and launch its SEQureDx Down syndrome test. SEQureDx was effective in an early clinical trial and had said it was planning to conduct a larger study later this year. Sequenom plans to launch the test in the first half of 2009.
A total of 90 percent of the purchase price will be paid in Sequenom stock. The company said it will invest about $10 million as part of the deal, and may create several hundred jobs over the next five years. As a result of the acquisition, Sequenom will receive a tax incentive package worth up to $20 million over the next 12 years.

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