Nucleic acid tests developer Gen-Probe Inc. (GPRO) announced Monday that it is spinning off its industrial testing assets to form an independent molecular assays developing company, namely Roka Bioscience, Inc. that would commence operations immediately.
The company informed that Paul Thomas, who recently was the chief executive of LifeCell Corp., would head Roka that would focus on developing molecular assays for biopharmaceutical production, water and food safety testing, and other applications. The firm noted that 18 former Gen-Probe employees have joined the new organization.
Gen-Probe said that it will own 19.9% of stake at the inception of the independent entity. The company also revealed that the affiliates of private equity firms OrbiMed Advisors, TPG Biotechnology and New Enterprise Associates have consented to provide Roka with aggregate equity funding for as much as $37.2 million to fully develop industrial assays and Gen-Probe's Closed Unit Dose Assay system, a portable molecular testing instrument.
Carl Hull, Gen-Probe's chief executive officer, said, "Our ownership position enables us to participate in Roka's long-term success, while allowing us to concentrate Gen-Probe's internal resources and core competencies on clinical opportunities in infectious disease testing, blood screening, transplant diagnostics and oncology."
Gen-Probe said that it will receive royalties on the sale of any of Roka's potential products and will also keep the rights to use the CUDA system for clinical applications.
Gen-Probe does not expect the new company to have any material effect on its 2009 earnings, stating that lower collaborative research and product revenues will offset decline in operating expenses.
The company will offer support by making available industrial assets, and the right to use certain of its technologies and related know-how in industrial markets, render contract manufacturing and other services to Roka on a transitional basis. Further, Gen-Probe's industrial testing collaborators, Millipore and GE Water, a unit of GE Energy, have agreed to the transfer of their collaborations with Gen-Probe to Roka.
GPRO closed Friday's regular trading session at $38.96 on the NASDAQ.
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