Skyline Medical to take 20% stake in Helomics, license Illumina ’ s gene sequencing tech

Fresh from its purchase of a 20% stake in joint venture partner Helomics, Skyline Medical (NSDQ:SKLN) said today that it inked a deal to license the MiSeqDx next-generation sequencing technology from Illumina (NSDQ:ILMN). Yesterday Minneapolis-based Skyline said it agreed to buy a lump of convertible shares representing 20% of Helomics, in exchange for 1.1 million newly issued SKLN shares, which combined with its existing right to convert a $500,000 loan would give it a 25% stake in the Pittsburgh-based precision diagnostics and contract research firm. Yesterday’s $1.14 closing price for Skyline stock would value the 20% stake at nearly $1.3 million. “Our strategic growth plan is to invest in, and partner with, leading edge players in emerging areas of the healthcare industry to secure additional income streams and grow the value of Skyline,” CEO Dr. Carl Schwartz said in prepared remarks. “Helomics’ ability to offer data collection, analysis and actionable insights to BioPharma companies as they develop new cancer treatments, positions it as a highly-valuable partner to the fast-growing precision medicine sector. We are pleased to expand our relationship with Helomics through this investment and look forward to helping Helomics’ management to further commercialize its offering.” “Precise analysis of cancer tumors can deliver invaluable insights for cancer diagnostics and aid in the development of target...
Source: Mass Device - Category: Medical Devices Authors: Tags: Diagnostics Genomics Molecular Diagnostics Mergers & Acquisitions Helomics Illumina Inc. Skyline Medical Source Type: news

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