Oncology Pharma, Inc. (OTC: ONPH) announced today that it has signed a Letter of Intent (LOI) to acquire at least a 50% stake in Diagnomics, Inc., a private CLIA certified & CAP accredited private molecular Genomics lab in San Diego, CA (USA). Included in the acquisition is Diagnomics’ partial of minority stake in EONE-Diagnomics Genome Center in Seoul South Korea. EONE-Diagnomics was one of the most successful biotech IPOs (2018) on the KOSDAQ exchange.
The LOI is the first step in Oncology Pharma’s initiative to build a strategic and growing presence in the global healthcare market. The company is a founding member of the Illumina GSA consortium. Diagnomics has pioneered an “intelligence drug development” platform that combines artificial intelligence and machine learning for drug development, with cost effective clinical trials based on stratification, faster regulatory (FDA) approval and precision (personalized based) medicine.
Chuck Wagner, the CEO of Oncology Pharma, stated: “The acquisition opportunity of Diagnomics by Oncology Pharma is strategic to its global business expansion. The artificial intelligence combined with machine learning platform is a “game changer” because it is expected to significantly reduce drug development, clinical trial time and cost. In addition, it is designed to accelerate the regulatory approval of drugs and the processes should help make the drugs affordable, safer and available sooner to the patients.”
Source: Biospace
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