gMendel and genXone join forces in a trial project for the diagnosis of genetic disorders- #BHHMembersInitiatives
BHH member gMendel® has signed a letter of intent to significantly expand its cooperation with Polish biotech company genXone. The two companies joined efforts earlier this year with a trial project for the diagnosis of genetic disorders. The current phase begins with negotiations on an investment agreement and the expected result is the innovative tool for diagnosing rare disease carriers that has global application potential. The particular investment marks the need of large medical biotech key players for immediate market adoption of the gMendel® Test.
gMendel® and genXone have decided to expand the scope of their research and continue their cooperation in the development and launch of a novel tool based on the Phivea® platform and nanopore technology for the screening of carriers of rare genetic diseases, such as Spinal Muscular Atrophy, Fragile X and Cystic Fibrosis, among others. The project will commence after the conclusion of an investment agreement, the details of which will be negotiated in the coming weeks. The agreement is expected to regulate the terms and conditions of financing project efforts. Recognizing the global and long-term dimension of the cooperation, the companies are discussing new share issuance and a possible loan from genXone to gMendel®. Such an arrangement will guarantee adequate resources for the project and strengthen R&D cooperation between the companies.
“This investment demonstrates genXone’s strong confidence in gMendel®’s proprietary technology and our shared vision to revolutionize the diagnosis of genetic disorders through the gMendel® Test as an accurate, affordable and rapid screening technology”, says Chris Kyriakidis, CEO and co-Founder of gMendel®. “Over the past months, our partnership has matured, and the current investment is an attractive opportunity to expand the delivery capability of the gMendel® Test in a wider range of genetic disorders and growing its availability in first instance to the people of Poland through genXone’s access to a vast network of diagnostic laboratories. This is a winning innovation on all levels: for patients, for diagnostic laboratories, for medical professionals and for national healthcare systems.”
“This agreement means concrete benefits for both partners. Through synergy and joint efforts, we will develop an innovation on a global scale – a test for diagnosing rare disease carriers, based on Phivea® platform and nanopore sequencing technology. Having the operational potential, advanced bioinformatics competence and experience in implementing such solutions outside the laboratory will allow us to develop a universal and accessible screening tool ready for deployment anywhere in the world. The cooperation with foreign partners, which we are developing systematically, is the realization of one of the key goals of our strategy for the global dissemination of advanced genetic testing methods and tangible business proof that it is possible – and profitable – to make money and create new quality on biotechnology and molecular genetics,” emphasizes Michal Kaszuba, CEO of genXone.
The planned cooperation includes at least three stages. The negotiation phase, which is currently starting, is expected to create a financial framework for the joint venture. Successful conclusion of the talks will open the first research and development stage. Its aim is to develop a basic diagnostic test for carrying rare diseases (so-called BCT – basic carrier test, which includes Fragile X, Cystic Fibrosis and Spinal Muscular Atrophy). Satisfactory results of the developed test should lead to the development of a test for the broad diagnosis of rare diseases during pregnancy (NIPT – Non Invasive Prenatal Test) or in newborns in the future.