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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
PLAC
4 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
Webcast
here
.
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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