Signal Genetics, a genetic testing company, has signed an agreement to acquire all the assets of New York based ChipDX, including patents for prognostic tests in lung, breast and colon cancers.

Under the agreement, Signal will acquire BreastGeneDX, ColonGeneDX and LungGeneDX, all diagnostic and prognostic tests in development by ChipDX, as well as also acquiring ChipDX’s web-based interface, used to improve Signal’s physician web portal that allows remote interpretation of test algorithms.

The acquired tests will utilise the technology platform currently in use by Signal Genetics and its subsidiaries and provide economies of scale to the company’s currently commercialised multiple myeloma prognostic test, MyPRS Plus.

Signal Genetics president and CEO Joe Hernandez said the acquisition of the intellectual property and patents of ChipDX expands and enhances the company’s oncology pipeline.

"The addition of ChipDX’s bioinformatics capabilities drastically reduces our time to market with novel molecular tests designed to facilitate better patient outcomes at a lower cost profile,” Hernandez added.

”This transaction is consistent with our strategy to develop and acquire innovative tools that both complement and enhance our product portfolio."

ChipDX founder and CEO Ryan van Laar said joining forces with Signal Genetics provides them with a vehicle to ultimately commercialise its strong portfolio of predictive molecular diagnostic tests.

”I look forward to leveraging the experience gained in the development of ChipDX to help Signal Genetics achieve its goals, and ultimately improve patient outcomes," Laar added.

Financial details of the transaction have not been disclosed. Based in New York, ChipDX is a privately held molecular diagnostics and personalised medicine company.

Signal Genetics is a privately held predictive genetic testing company aiming to provide cancer patients and their physicians with novel and innovative insights into their disease, including predicting outcomes, accurately staging disease, providing odds of relapse and identifying the optimal treatment regimen.