The acquisition also provides Clarient access to a powerful development engine built on a series of tissue microarrays custom designed from patient cohorts, as well as a set of tools developed by AGI designed to efficiently sub-classify cancers and create information used to better treat the disease. These tools consist of IHC markers developed in-house, allowing the identification of patients that fit into these subcategories and then correlating that information to determine the right course of treatment.

Commenting on AGI's development engine, Rob Seitz, AGI Chief Executive Officer, said, "Historically, we have been able to develop these products through collaborations with academic institutions. Now, as part of Clarient, we will have the ability to offer our tests and capabilities to community pathologists and their patients across the country. The new combined organization will also continue to assist pharmaceutical companies which can use our technologies to improve and speed clinical trials. These companies can now identify new and important patient subtypes, while Clarient gains proprietary biomarker content to create generations of new products."

"We couldn't be more excited about the prospects of the pipeline and development capabilities we have acquired. The combination of near-term commercial opportunity, the rich, long-term pipeline, and the robust development capabilities would be nearly impossible to replicate in-house and would take an investment of many years and considerable cash resources to attempt to do so. To be able to acquire such a valuable asset at such a fair value is a testimony to the power of Clarient's well-established commercial channel. Through this combination we strengthen our position for growth in 2010 and beyond," concluded Andrews.

Clarient's legal adviser on the transaction was Stradling Yocca Carlson & Rauth. AGI's legal adviser on the transaction was Balch & Bingham LLP and its financial adviser on the transaction was Aquilo Partners, L.P.

SOURCE Clarient, Inc.