Sedia Biosciences and Floragenex Announce Completion of Merger
Release Date: 19-Oct-2016
Merged entity will enable expansion into point-of-care molecular diagnostics
Portland, Oregon – Sedia Biosciences Corporation (Portland, OR) and Floragenex Inc. (Eugene, OR) today announced the merger of their companies. Details of the transaction were not disclosed. Sedia will continue the business of Floragenex as a wholly-owned subsidiary with current Floragenex Chief Executive Officer, Dr. Rick Nipper continuing oversight of the new subsidiary.
Floragenex, Inc., a genomics testing service provider focused on next-generation DNA sequencing, was founded in 2007 as a spin out of the University of Oregon, while Sedia Biosciences, founded in 2009, develops and commercializes point of care diagnostics in human diseases, including HIV. The combined company will continue to provide genomic services for scientific customers and testing solutions for HIV and other infectious agents.
“The merging of Sedia and Floragenex creates a compelling strategic transaction for our combined shareholders and the capability to deliver leading-edge technological innovation to our current and future customers,” said Roger Gale, Chairman and Chief Executive Officer, Sedia Biosciences. “The merger will also yield many synergies and benefits in the months and years ahead. Specifically, it will strengthen and diversify our scientific capability across both immuno-and molecular (DNA) diagnostic technologies, broaden our potential product range, expand access to the plant and animal kingdom markets, accelerate development of next generation products and strengthen sales and marketing, business development and strategic planning.”
“The merger with Sedia Biosciences will help expand Floragenex’s expertise in the product and diagnostic spaces while helping to grow our existing genomic services business,” said Rick Nipper, Chief Executive Officer, Floragenex. “As a long time provider of next generation DNA sequencing services, we look forward to continuing to support and serve our clients in the life sciences. At the same time, we’re excited to deepen the relationship with Sedia, who has been a corporate partner of Floragenex since 2015. Our combined management and scientific teams are eager to work together and move forward into new technologies capitalizing on the expertise of both companies.”
Dr. Ronald Mink, President and Chief Sciences Officer of Sedia Biosciences added “The medical diagnostics market has rapidly developed intense interest in the application of molecular biology technology to novel point-of-care testing approaches. The pooled expertise of both companies will assist Sedia’s expansion into novel molecular diagnostic products to supplement and enhance our current product lines, and allow further expansion into plant and animal testing. There is tremendous potential in the synergistic opportunities afforded Sedia as a result of our combined expertise and markets.”
About Sedia Biosciences Corporation:
Sedia Biosciences Corporation (www.sediabio.com) is a U.S.-based healthcare company focused on the development and commercialization of novel in vitro diagnostic and epidemiological tests including the Sedia™ LAg-Avidity EIA and BED HIV-1 Incidence EIA. The company is dedicated to advancing access to medical care by developing innovative diagnostic and monitoring products that enable more cost effective and expanded testing for infectious diseases and other conditions. Based in Portland, Oregon, Sedia develops, manufactures, licenses and sells in vitro diagnostic and epidemiological tests as well as specimen collection devices.
About Floragenex, Inc.:
Floragenex Inc. (www.floragenex.com) is a privately owned Oregon-based biotechnology company providing innovative solutions for genomic analysis in human, plant and animal systems. Since 2007, Floragenex has delivered impact results in hundreds of genomics studies focused on answering fundamental questions in genetics, ecology, evolutionary biology and biomedical research. Floragenex technologies permit investigation of genomes at unprecedented levels for academic, governmental and commercial researchers worldwide.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the Company’s ability to obtain additional financing, if and as needed, and access funds from its existing financing arrangements that will allow it to continue its current and future operations and whether demand for its test products in domestic and international markets will generate sufficient revenues to achieve positive cash flow and profitability. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.