MERGER WILL TAKE CANCER FIRM PUBLIC
Publicly traded Venaxis, a Castle Rock developer of tests for acute appendicitis, said Tuesday it plans to acquire Strand Life Sciences, a cancer genomics firm with its U. S. headquarters in Aurora.
Venaxis plans to acquire shares of privately held Strand. The company will trade on the Nasdaq but will operate under the Strand name.
If Strand shareholders approve, the deal would give the company the financial resources to expand development of products such as StrandAdvantage, a test that can analyze genomic changes in solid tumors and generate a list of federally approved treatment options and clinical trials.
Venaxis will close its Castle Rock office, where 15 people work, and move the company to the University of Colorado Anschutz Medical Campus, where Indiabased Strand opened its 20- employee U. S. headquarters in April.
“The plan is to significantly grow the business in the U. S., which will continue to be based in the Aurora facility,” Venaxis CEO Steve Lundy wrote in an e- mail.
B B B