Venaxis, a Castle Rock-based developer of an in vitro diagnostic test for acute appendicitis, announced plans Tuesday to acquire Strand Life Sciences, an India-based cancer genomics firm with U.S. headquarters in Aurora.
Financial terms of the deal were not immediately available.
Venaxis (Nasdaq: APPY) plans to acquire shares of the privately held Strand via a series of transactions, the company said. After closing, the company would continue to trade on the Nasdaq but operate under the Strand name and have its headquarters in Aurora.
The deal, if approved by Strand shareholders, would give Strand additional financial resources and the backing of a publicly traded firm, Venaxis said in an announcement.
As a result, Strand , a test that can analyze genomic changes in solid tumors and generate a list of federally approved treatment options and clinical trials.
“The plan is to significantly grow the business in the U.S., which will continue to be based in the Aurora facility,” Steve Lundy, Venaxis’ president and CEO, wrote via e-mail.
Venaxis, which employs 15 people in Castle Rock, plans to close that site and move the combined company’s base of operations to the University of Colorado Anschutz campus, where about 20 people work. Strand opened its U.S. headquarters there in April.
Venaxis and Strand officials plan to provide more information during a call with investors at 6:30 a.m. Wednesday.
During the third quarter, Venaxis posted a net loss of $1.6 million on revenue of $81,000.
Alicia Wallace: 303-954-1939, awallace@denverpost.com or @aliciawallace
