KNOXVILLE, Tenn. & BOCA RATON, Fla.--(BUSINESS WIRE)--EDP Biotech Corp. (EDP Biotech) and New Day Diagnostics, LLC (New Day Diagnostics) are pleased to announce their combination, forming a vertically integrated force in the expedited development and commercialization of diagnostic tests. This 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' robust pipeline of diversified diagnostic tests and commercialization capabilities.
The shared vision of the merger is empowering patients through affordable access to diagnostic testing leading to earlier intervention. By combining their complementary expertise and resources, EDP Biotech and New Day Diagnostics aim to establish a uniquely positioned company capable of drastically improving patient lives via world-class diagnostics offerings.
This strategic merger positions the newly formed entity 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 with efficiency and quality.
EDP Biotech Corp. currently develops ColoPlex™, an aid in diagnosis for detecting colorectal cancers and polyps early, as well as serves a growing roster of diagnostic companies with its full-service CRO focused on In-Vitro Diagnostics (IVD), development, testing, and commercialization, and operates a CLIA lab providing Business-to-Business (B2B) and Direct-to-Consumer (DTC) testing, multiplex assays, research, and validation services. Their track record of success makes them an ideal partner in this merger.
The Boca Raton-based New Day Diagnostics brings a diversified pipeline of physician Point-of-Care (POC) 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. Their commitment to providing accessible diagnostic solutions aligns perfectly with the shared vision of improving patient lives through earlier interventions.
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.
"We are thrilled to announce our merger with New Day Diagnostics," said Eric Mayer, CEO of EDP Biotech Corp. "This strategic marriage will allow us to continue delivering innovative and cost-effective diagnostic solutions, making a profound impact on patient care and outcomes including the under-served population and uninsured patients." Eric Mayer will serve as President and CEO of the combined entity following the merger.
"By joining forces with EDP Biotech, we are strengthening our position as a leading provider of fast, accurate, and affordable diagnostic tests," said Navroze Mehta, Founder and CEO of New Day Diagnostics, LLC. "Together, we will pioneer advancements in diagnostic testing, improving patient lives through early detection and intervention." Navroze Mehta will serve as Executive Chairman of the combined entity following the merger.
The newly merged entity will retain the name New Day Diagnostics, and both companies' teams will unite under a unified leadership structure headquartered in Knoxville, TN. 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.
About EDP Biotech Corp.
EDP Biotech Corporation (EDP Biotech), 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. The Company's first commercial product, ColoPlex™, is a new multi-marker in vitro diagnostic assay to be used in the early detection of colorectal cancer and pre-cancerous cancer polyps.
About New Day Diagnostics, LLC
New Day Diagnostics, LLC, located in Boca Raton, FL, is a diagnostic healthcare company committed to the development of innovative 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.
About TCB Capital Advisors
TCB Capital Advisors specializes in advising on companies' buying, selling, investment, and growth strategies. TCB offers a tailored approach to each of our clients. Outside of transactions alone, work with our clients can include building a corporate development function, working with the business development team to grow revenue, or post-transaction integration and consulting services. Our ethos asserts that such services aren't isolated from transactions, but integral to supporting management towards successful expansion or exit. TCB Capital Advisors is an affiliate of Weild & Co. Securities transactions effected through Weild & Co., member FINRA/SIPC.