Rennova Health Acquires Hartford Healthcare Corporation’s Interest in Genomas
WEST PALM BEACH, Fla.-- Rennova Health, Inc. (NASDAQ:RNVA) (NASDAQ:RNVAW), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers, announces the $250,000 cash purchase of all outstanding Genomas assets held by Hartford Healthcare Corporation of Hartford, Conn. The Genomas assets are comprised of an aggregate of $1,000,000 convertible promissory notes; 500,000 shares of Series A Preferred Stock of Genomas; 345,000 shares of Series B Preferred Stock of Genomas; and, intellectual property. Genomas, based in Hartford, is the developer of revolutionary PhyzioType Systems for DNA-guided management and prescription of drugs used to treat mental illness, pain, heart disease and diabetes.
Rennova Health previously announced in March 2016 that it had partnered with Genomas on the launch of a series of pharmacogenetics tests that are performed via an FDA-approved in vitro diagnostic (IVD) genotyping kit developed by Genomas and performed in Genomas’ laboratory. In conjunction with this agreement, Rennova has renewed and extended Genomas’ existing laboratory lease agreement with Hartford Hospital.
“This transaction further solidifies the diversification of our core diagnostics business to combine modern science and technology to deliver precision diagnostics to practitioners that enables them to provide better treatment to their patients,” said Seamus Lagan, CEO of Rennova Health, Inc. “By assuming Hartford Healthcare Corporations’ ownership in and liabilities from Genomas we significantly strengthen our existing relationship with Genomas’ and expect to accelerate our provision of diagnostics for DNA-guided management and prescription of drugs so that physicians may select the safest and most effective drug to achieve treatment goals and enhance patient compliance. This will also help to reduce healthcare costs. We expect additional benefit from this relationship by offering our current Rennova products and services to Genomas customers,” Mr. Lagan added.
About Rennova Health, Inc.
Rennova Health, Inc. (NASDAQ: RNVA) provides industry-leading diagnostics and supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior clinical outcome. Through an ever-expanding group of strategic brands that work in unison to empower customers, we are creating the next generation of healthcare. For more information about Rennova Health, Inc., visit www.rennovahealth.com.
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This press release includes forward-looking statements about Rennova Health’s anticipated results that involve risks and uncertainties, including statements regarding our expectations with respect to the completion of our proposed public offering and the gross proceeds from the offering. These statements are subject to significant risks and uncertainties, actual results could differ materially from those projected and Rennova Health cautions investors not to place undue reliance on the forward-looking statements contained in this release. There can be no assurance that Rennova Health will be able to complete the offering on the anticipated terms, or at all. Risks and uncertainties relating to Rennova Health and this offering can be found in the “Risk Factors” section of the preliminary prospectus and final prospectus related to such proposed offering to be filed with the SEC. Rennova Health undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.
Source: Rennova Health, Inc.
Released July 20, 2016