UPDATE: Predictive Biosciences issues $1.4 million in stock for OncoDiagnostic Lab

January 19, 2010 by MassDevice staff

Predictive Biosciences acquires molecular diagnostics firm OncoDiagnostic Laboratory for an undisclosed amount and issues $1.4 million in stock as part of the deal.

Predictive Biosciences logo

Predictive Biosciences acquired molecular diagnostics firm OncoDiagnostic Laboratory for an undisclosed amount.

Cleveland-based ODL provides anatomic pathology and molecular diagnostics lab services to urologists, gastroenterologists, dermatologists, gynecologists and other subspecialty physicians nationwide. Lexington, Mass.-based Predictive Biosciences makes biomarkers, clinical algorithms and diagnostic assays designed to detect cancer.

Predictive Biosciences said the deal is part of its plan to commercialize its non-invasive molecular cancer diagnostic assays, the first of which is a a urine biomarker-based test for the detection of bladder cancer it expects to put on the market this year. Specific terms of acquisition were not disclosed, although regulatory documents filed Jan. 20 indicate that Predictive Bio issued $1.4 million of its stock as part of the deal to acquire OncoDiagnostic Lab.

ODL, founded in 1985, will continue to operate from its Cleveland headquarters, Predictive said. ODL employs about 40 workers.