News
RedPath Integrated Pathology, Inc., Acquired by ExonHit Therapeutics, S.A. A Successful Exit for NewSpring Capital
Radnor, PA, April 26, 2010 – NewSpring Health Capital, the dedicated healthcare fund of NewSpring Capital, announced today that RedPath Integrated Pathology, Inc. ("RedPath"), has entered into a binding agreement to be acquired by ExonHit Therapeutics, S.A. ("ExonHit") (Alternext: ALEHT), a leading French diagnostics and therapeutics company. RedPath, a cancer molecular diagnostics company, will become part of ExonHit's U.S. operations. The transaction, anticipated to close in June or early July 2010, is subject to approval by ExonHit's shareholders at their upcoming shareholder meeting.
"This transaction marks the next milestone in the successful development of RedPath and its unique diagnostic platform. The sale to ExonHit creates a successful exit for the current shareholders, while providing a partner to further assist in commercializing PathFinderTG®", said Brian G. Murphy, NewSpring General Partner and current RedPath Chairman.
Headquartered in Pittsburgh, Pennsylvania, RedPath has a unique DNA-based technology platform, PathFinderTG®. This powerful analytical tool improves the diagnosis of difficult cases in which cancerous or pre-cancerous conditions are not identified by a conventional pathology examination. RedPath's technology is a complementary fit to ExonHit's technology which is RNA-based. The acquisition of a revenue-generating service provider, with a fully operational CLIA laboratory, allows ExonHit to establish a presence in the U.S. market.
"The acquisition of RedPath is a significant milestone in ExonHit’s strategy to become recognized as an international player in molecular diagnostics. This transaction will strengthen our presence in the U.S.A which represents 55% of the global diagnostics market," said Loïc Maurel, M.D., President of the Management Board at ExonHit Therapeutics.
About RedPath Integrated Pathology, Inc.
RedPath Integrated Pathology, Inc. is a U.S. cancer molecular diagnostics company that provides comprehensive molecular analysis to resolve challenging diagnostic dilemmas. The company's CLIA-licensed, CAP-certified laboratory delivers actionable diagnostic information that enables physicians to make personalized, effective treatment decisions for their patients. RedPath is headquartered in Pittsburgh, Pennsylvania. For more information, please visit http://www.redpathip.com
About ExonHit Therapeutics
ExonHit Therapeutics (Alternext: ALEHT) is a fast-emerging healthcare player active in both therapeutics and diagnostics. The Company is applying its proprietary technology, based on the analysis of alternative RNA splicing, to develop innovative molecular diagnostic tests and therapeutics for neurodegenerative and cancer indications. ExonHit has a balanced investment strategy with in-house development programs and strategic collaborations, in particular with bioMérieux and Allergan. ExonHit is headquartered in Paris, France and has U.S. offices in Gaithersburg, Maryland. The company is listed on Alternext of NYSE Euronext Paris. For more information, please visit http://www.exonhit.com.
