Addition of CAP/CLIA laboratory and experienced diagnostics team form an unparalleled molecular clinical and research facility to accelerate new product development, commercialization and scale
SALT LAKE CITY, March 26, 2019 (GLOBE NEWSWIRE) — Predictive Technology Group, Inc. (OTC PINK: PRED), a leader in the use of data analytics for disease identification and subsequent therapeutic intervention through precision therapeutic treatments, announces it has completed the acquisition of Taueret Laboratories, LLC, a clinical and research molecular laboratory, for $9,747,800, with $1,200,000 paid at closing in the form of the Company’s restricted common stock and $8,547,800 to be paid on or before December 31, 2020, subject to certain conditions. Taueret Laboratories will join Predictive Technology Group’s newest subsidiary Predictive Laboratories.
“With the completion of this acquisition and addition of a highly experienced staff, we have formed an unparalleled molecular clinical and research facility to support our objectives of commercializing novel diagnostics based on predictive analytics and extensive genetic information,” said Bradley C. Robinson, CEO of Predictive Technology Group. “Our teams at Predictive and Taueret have been collaborating for more than a decade and our use of the Taueret laboratory was instrumental in developing the ARTguide™ test, our proprietary test for endometriosis. We are excited to welcome Taueret’s executive and clinical laboratory teams, who are joining Predictive Laboratories in similar roles and bringing us more than 125 years of combined experience in validating, launching and running DNA diagnostic tests.
“We plan the immediate use of our laboratory to develop a suite of new clinical tests for the reproductive health market,” Robinson added. “We expect this newly acquired laboratory to accelerate the commercialization of our current tests and provide additional capacity as our tests gain momentum.”
In conjunction with the acquisition, Predictive invested $4.2 million in new laboratory instrumentation and resources to bolster capabilities in the 15,000-square-foot laboratory and administrative campus, which now contains all necessary infrastructure for the Company’s clinical operations.
About Taueret Laboratories, LLC
Taueret Laboratories is a privately held molecular laboratory focusing on human infertility, women’s health, and childhood diseases and performs genetic testing using state-of-the-art instrumentation. The clinical leadership team includes Laboratory Director Kenneth Ward, M.D. who is Board Certified in four specialties including Obstetrics and Gynecology, Maternal-Fetal Medicine, Medical Genetics, and Molecular Genetics. Dr. Ward has run DNA diagnostic laboratories for more than 32 years and is internationally known in the field of human genetics. Lesa Nelson serves as Chief Operations Officer and has more than 30 years of experience in Human Molecular Genetics. Justine Coppinger, M.S., a Board-Certified Genetic Counselor, serves as Director of Clinical Affairs and brings more than 20 years of experience in clinical and diagnostic laboratory settings. Taueret Laboratories voluntarily participates in proficiency testing programs and adheres to strict accreditation standards and practices of the College of American Pathologists (CAP), the Clinical Laboratory Improvement Amendments of ‘88 (CLIA), and all applicable state licensing. Taueret has held continuous CAP / CLIA accreditation for more than a decade.
About Predictive Laboratories, Inc.
Predictive Laboratories owns significant next-generation sequencing and genotyping assets along with extensive protocols, quality and laboratory management systems and other resources required by a “high complexity” molecular diagnostic laboratory operating under the Clinical Laboratory Improvement Act (CLIA). In 2018 this group launched its novel test for women experiencing infertility, called ARTGuide®, to selected beta launch centers. ARTGuide™ is a proprietary gene test panel for women experiencing infertility as a result of endometriosis and other health concerns. The test is expected to change the way that Advanced Reproductive Technologies (ART), such as in vitro fertilization (IVF), are used to assist couples having difficulty conceiving a pregnancy.
About Predictive Technology Group, Inc.
Predictive Technology Group aims to revolutionize patient care through predictive data analytics, novel gene-based diagnostics and companion therapeutics through its subsidiaries Predictive Therapeutics, Predictive Biotech, and Predictive Laboratories. These subsidiaries are focused on endometriosis, scoliosis, degenerative disc disease and human cell and tissue products. The subsidiaries use genetic and other information as cornerstones in the development of new diagnostics that assess a person’s risk of illness and therapeutic products designed to identify, prevent and treat diseases more effectively. Additional information is available at Predtechgroup.com; Predrx.com; Predictivebiotech.com; and Predictivelabs.com.
To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for human cell and tissue products and other pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, availability of additional intellectual property rights, availability of future financing sources, the regulatory environment, and other risks the Company may identify from time to time in the future.