Rennova Health Acquires Hartford Healthcare Corporation’s Interest in Genomas

Thursday, July 21, 2016

Rennova Health, Inc., a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers, announces the $250,000 cash purchase of all outstanding Genomas assets held by Hartford Healthcare Corporation of Hartford, Conn. The Genomas assets are comprised of an aggregate of $1,000,000 convertible promissory notes; 500,000 shares of Series A Preferred Stock of Genomas; 345,000 shares of Series B Preferred Stock of Genomas; and, intellectual property. Genomas, based in Hartford, is the developer of revolutionary PhyzioType Systems for DNA-guided management and prescription of drugs used to treat mental illness, pain, heart disease and diabetes.

Rennova Health previously announced in March 2016 that it had partnered with Genomas on the launch of a series of pharmacogenetics tests that are performed via an FDA-approved in vitro diagnostic (IVD) genotyping kit developed by Genomas and performed in Genomas’ laboratory. In conjunction with this agreement, Rennova has renewed and extended Genomas’ existing laboratory lease agreement with Hartford Hospital.

“This transaction further solidifies the diversification of our core diagnostics business to combine modern science and technology to deliver precision diagnostics to practitioners that enables them to provide better treatment to their patients,” said Seamus Lagan, CEO of Rennova Health, Inc. “By assuming Hartford Healthcare Corporations’ ownership in and liabilities from Genomas we significantly strengthen our existing relationship with Genomas’ and expect to accelerate our provision of diagnostics for DNA-guided management and prescription of drugs so that physicians may select the safest and most effective drug to achieve treatment goals and enhance patient compliance. This will also help to reduce healthcare costs. We expect additional benefit from this relationship by offering our current Rennova products and services to Genomas customers,” Mr. Lagan added.

 

Source : rennovahealth.com

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