Dutch company acquired by MDxHealth
The Dutch biotech company NovioGendix is acquired by the Belgian company MDxHealth. MDxHealth will pay $ 8.8 million (€ 7.8 million) for the Nijmegen-based company. NovioGendix is a spin-off of the Radboud University that develops tests to screen for prostate cancer based on a urine sample.
The Walloon MDxHealth pays $ 280.000 in cash and $ 5.1 million in shares. The remaining $ 3.3 million will follow if NovioGendix reaches specific milestones. MDxHealth is led by Dutchman Jan Groen, who previously had a key role in Agendia – known for its breast cancer test MammaPrint. The two companies both focus on developing tests to diagnose prostate, bladder and kidney cancer.
MDxHealth will place a new test of NovioGendix on the market, which enables to diagnose a dangerous variant of prostate cancer more accurately. It is expected that this will result in less biopsies. A biopsy is a difficult procedure, in which tissue is removed via the urethra. Approximately 1.3 million of this kind of biopsies are carried out around the world every year.
MDxHealth intends to introduce the new test next year in the US and possibly this year on a small scale in Europe. The company expects to achieve revenues of $ 16 million to $ 20 million.