Lineagen Inc., a Salt Lake City-based genetic diagnostic company, has been acquired by Bionano Genomics Inc. Bionano is a San Diego-based genome analysis company providing tools and services based on its Saphyr system to scientists and clinicians conducting genetic research and patient testing.
Bionano paid approximately $9.6 million in consideration for Lineagen, consisting of 6,167,510 shares of Bionano’s common stock, approximately $1.7 million in cash and assumption of approximately $2.9 million in liabilities.
Bionano said in a statement that the acquisition was made “further supporting our market leadership in digital cytogenetics and comprehensive genetic diagnostics for pediatric neurodevelopmental disorders.”
Lineagen specializes in pediatric neurodevelopmental disorders, including autism spectrum disorder and developmental delay, and has developed proprietary technology and commercialized multiple laboratory developed tests.
Michael Paul, CEO of Lineagen, will become chief strategy officer of Bionano. “Bionano Genomics is a natural fit for Lineagen,” Paul said. “Together with Erik (Holmlin, CEO of Bionano) and the Bionano team, we are eager and committed to continue our mission of serving individuals with autism spectrum disorders and other disorders of childhood development, their families and providers with advanced genetic diagnostic solutions. It is time to get to work.”
“Lineagen has been a pioneer in clinical testing for structural variations in patients with neurodevelopmental disorders, including autism spectrum disorder, developmental delay and other constitutional genetic diseases,” said Holmlin. “This acquisition adds that business and accelerates our efforts to bring Saphyr to clinical testing within a CLIA environment by adding essential skills and relationships with physicians and payors in place at Lineagen. I want to thank Michael Paul, the founder and CEO of Lineagen, and his board, investors and employees for believing in the power of this combination. Our work is just beginning.”
