18 Sep MDXHEALTH acquires NovioGendix to expand uro-oncology product offering
IRVINE, CA, and HERSTAL, BELGIUM – September 18, 2015 – MDxHealth SA (Euronext Brussels: MDXH) (the “Company”) announced today that it successfully completed the acquisition of all of the shares in NovioGendix Holding B.V. (“NovioGendix”). The acquisition of NovioGendix was announced on September 15, 2015 and the completion of the acquisition took place on September 18, 2015.
Under the terms of the agreement, MDxHealth will purchase all outstanding shares of NovioGendix Holding B.V. in a combined share and cash transaction for an aggregate purchase price of $8.8 million (or €7.75 million), of which $5.1 (or €4.5 million1) shall be payable in new MDxHealth shares, $283,345 (or €250,0001) in cash, and up to an additional $3.3 (or €3.0 million1) in cash shall, subject to meeting certain milestones, be payable in six milestone payments. In addition, MDxHealth will grant NovioGendix a bridge loan of $680,000 (or €0.6 million1) to repay outstanding debts of NovioGendix.
Nijmegen, the Netherlands – September 18, 2015 – NovioGendix was founded in 2007 by Prof. Dr. Jack Schalken, Dr. Willem Melchers and Rob Tweehuysen. Along with PPM Oost NV and Biogeneration Ventures BV, Tweehuysen invested in NovioGendix (Tweehuysen continued his activities in NovioTech).