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This article was originally published in The Gray Sheet

Executive Summary

Dianon to purchase approximately $700,000 of Houston, Texas-based Aprogenex' convertible preferred stock and warrants to purchase additional shares of convertible preferred stock as part of a strategic alliance in genetic testing. Under the terms of the definitive agreement, announced June 9, Stratford, Connecticut-based Dianon gains an exclusive, limited term license to Aprogenex' development stage DNA probe technology for identifying "certain chromosome abnormalities in fetal cells separated from the maternal circulation." The testing services firm also gains the "right of first refusal for any exclusive license to future genetic technologies developed by Aprogenex." The deal also includes license fees and royalty payments that were not disclosed. In conjunction with the agreement, Dianon President and Co-CEO Jack Davis will become a member of Aprogenex' board of directors.

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