Michael Barbella, Managing Editor09.11.23
EDP Biotech Corp. and New Day Diagnostics LLC are merging to form a vertically integrated force in the expedited development and commercialization of diagnostic tests.
The strategic union brings together EDP Biotech's position as an established and growing specialty diagnostic developer and contract research organization (CRO) with New Day Diagnostics' pipeline of diversified diagnostic tests and commercialization capabilities.
The pair aim to empower patients through affordable access to diagnostic testing, thereby leading to earlier intervention. By combining their complementary expertise and resources, EDP Biotech and New Day Diagnostics intend to establish a company capable of improving patient lives through diagnostics offerings. The newly formed entity will act as an innovator throughout the entire diagnostic process, from biomarker discovery to product launch. Leveraging vertical integration and strategic partnerships, the merged company will have the ability to design, develop, and deploy diagnostic tests.
"We are thrilled to announce our merger with New Day Diagnostics," said EDP Biotech Corp. CEO Eric Mayer, who will be president and chief executive of the merged organization. "This strategic marriage will allow us to continue delivering diagnostic solutions, making an impact on patient care and outcomes including the under-served population and uninsured patients."
EDP Biotech Corp. currently develops ColoPlex, an aid in diagnosis for detecting colorectal cancers and polyps early, and serves a growing roster of diagnostic companies with its full-service CRO focused on in-vitro diagnostics (IVD), development, testing, and commercialization. The company operates a CLIA lab providing business-to-business and direct-to-consumer testing, multiplex assays, research, and validation services.
The Boca Raton-based New Day Diagnostics brings a diversified pipeline of physician point-of-care and physician mediated-direct-to-consumer (DTC) tests to the combined entity. These include a first-to-market DTC celiac disease test and additional offerings targeting infectious diseases, ovarian cancer, and prostate cancer.
Together, EDP Biotech and New Day Diagnostics are set to capitalize on the changing patient dynamics in the diagnostics industry. By leveraging their combined development capabilities, distribution channels, and strategic partnerships, the merged entity will have the ability to address multiple indications, transforming the way patients access and benefit from diagnostic testing.
"By joining forces with EDP Biotech, we are strengthening our position as a leading provider of fast, accurate, and affordable diagnostic tests," said New Day Diagnostics Founder/CEO Navroze Mehta, who will serve as executive chairman of the new company. "Together, we will pioneer advancements in diagnostic testing, improving patient lives through early detection and intervention."
The newly merged entity will retain the name New Day Diagnostics, and both companies' teams will be headquartered in Knoxville, Tenn. The merger is subject to customary closing conditions and regulatory approvals.
TCB Capital Advisors, an affiliate of Weild & Co, acted as the exclusive financial advisor to EDP Biotech on this transaction, and Brock Shipe Klenk PLC and Merchant & Gould acted as EDP Biotech’s legal advisors and Cuenot, and PAG Law PLLC and Forsythe & Kim LLC acted as New Day’s legal advisors.
EDP Biotech Corporation, incorporated in 2005, is a privately held ISO 13485:2016 and CLIA certified in-vitro diagnostics laboratory specializing in early detection biomarker assay development and commercialization, diagnostic and companion CRO services, and clinical patient and community testing in oncology, infectious disease, and women’s health. EDP Biotech's founding was in oncology biomarkers.
Based in Boca Raton, Fla., New Day Diagnostics develops diagnostic solutions that lead to improved patient outcomes while reducing health care costs. New Day is in active development of affordable state-of-the-art rapid, point-of-care tests that allow early detection and monitoring of disease through accuracy, ease of use, and speed, facilitating treatment.
TCB Capital Advisors specializes in advising on companies' buying, selling, investment, and growth strategies. TCB Capital Advisors is an affiliate of Weild & Co. Securities transactions effected through Weild & Co., member FINRA/SIPC.
The strategic union brings together EDP Biotech's position as an established and growing specialty diagnostic developer and contract research organization (CRO) with New Day Diagnostics' pipeline of diversified diagnostic tests and commercialization capabilities.
The pair aim to empower patients through affordable access to diagnostic testing, thereby leading to earlier intervention. By combining their complementary expertise and resources, EDP Biotech and New Day Diagnostics intend to establish a company capable of improving patient lives through diagnostics offerings. The newly formed entity will act as an innovator throughout the entire diagnostic process, from biomarker discovery to product launch. Leveraging vertical integration and strategic partnerships, the merged company will have the ability to design, develop, and deploy diagnostic tests.
"We are thrilled to announce our merger with New Day Diagnostics," said EDP Biotech Corp. CEO Eric Mayer, who will be president and chief executive of the merged organization. "This strategic marriage will allow us to continue delivering diagnostic solutions, making an impact on patient care and outcomes including the under-served population and uninsured patients."
EDP Biotech Corp. currently develops ColoPlex, an aid in diagnosis for detecting colorectal cancers and polyps early, and serves a growing roster of diagnostic companies with its full-service CRO focused on in-vitro diagnostics (IVD), development, testing, and commercialization. The company operates a CLIA lab providing business-to-business and direct-to-consumer testing, multiplex assays, research, and validation services.
The Boca Raton-based New Day Diagnostics brings a diversified pipeline of physician point-of-care and physician mediated-direct-to-consumer (DTC) tests to the combined entity. These include a first-to-market DTC celiac disease test and additional offerings targeting infectious diseases, ovarian cancer, and prostate cancer.
Together, EDP Biotech and New Day Diagnostics are set to capitalize on the changing patient dynamics in the diagnostics industry. By leveraging their combined development capabilities, distribution channels, and strategic partnerships, the merged entity will have the ability to address multiple indications, transforming the way patients access and benefit from diagnostic testing.
"By joining forces with EDP Biotech, we are strengthening our position as a leading provider of fast, accurate, and affordable diagnostic tests," said New Day Diagnostics Founder/CEO Navroze Mehta, who will serve as executive chairman of the new company. "Together, we will pioneer advancements in diagnostic testing, improving patient lives through early detection and intervention."
The newly merged entity will retain the name New Day Diagnostics, and both companies' teams will be headquartered in Knoxville, Tenn. The merger is subject to customary closing conditions and regulatory approvals.
TCB Capital Advisors, an affiliate of Weild & Co, acted as the exclusive financial advisor to EDP Biotech on this transaction, and Brock Shipe Klenk PLC and Merchant & Gould acted as EDP Biotech’s legal advisors and Cuenot, and PAG Law PLLC and Forsythe & Kim LLC acted as New Day’s legal advisors.
EDP Biotech Corporation, incorporated in 2005, is a privately held ISO 13485:2016 and CLIA certified in-vitro diagnostics laboratory specializing in early detection biomarker assay development and commercialization, diagnostic and companion CRO services, and clinical patient and community testing in oncology, infectious disease, and women’s health. EDP Biotech's founding was in oncology biomarkers.
Based in Boca Raton, Fla., New Day Diagnostics develops diagnostic solutions that lead to improved patient outcomes while reducing health care costs. New Day is in active development of affordable state-of-the-art rapid, point-of-care tests that allow early detection and monitoring of disease through accuracy, ease of use, and speed, facilitating treatment.
TCB Capital Advisors specializes in advising on companies' buying, selling, investment, and growth strategies. TCB Capital Advisors is an affiliate of Weild & Co. Securities transactions effected through Weild & Co., member FINRA/SIPC.