NeoGenomics, Inc. (NASDAQ:NEO), a leading provider of cancer-focused genetic testing services and global oncology contract research services, announced today that it has agreed to acquire Intervention Insights, Inc. d/b/a Trapelo Health, an Information Technology company focused on precision oncology. The agreement purchase price of $65 million, consisting of $35 million in cash on hand and $30 million in NeoGenomics common stock is subject to satisfaction of certain customary closing conditions and is expected to close in April 2021.
Trapelo Health’s products advance the appropriate use of precision oncology. The company offers a first-of-its-kind, interoperable, decision-support platform for physicians, laboratories, and payers to inform testing and treatment selection, improve clinical trials matching, streamline workflow and facilitate real-time alignment with the most current clinical evidence. The platform improves patient access to medically appropriate and high-quality treatment options.
Trapelo is powered by a precision oncology knowledge system built on a proprietary technology and data-driven, evidence-based framework which consistently captures and codifies results of clinical research immediately as it becomes available. This knowledge system informs precisely which biomarkers are appropriate and should be tested for each patient. It also aligns the patient’s cancer diagnosis, molecular test results, national guidelines, FDA indications and payer policy to provide clinicians with a comprehensive overview of treatment options, including clinical trials. Participating providers and payers can be assured that treatment decisions align to clinical guidelines and comply with medical policy.
“The addition of Trapelo to NeoGenomics significantly enhances our ability to provide customers with information to help them answer difficult and complex questions related to precision oncology biomarker testing and treatment options. It also reaffirms our commitment to build a leading Informatics business as part of our comprehensive Oncology offering.” said Douglas M. VanOort, Chairman and Chief Executive Officer of NeoGenomics.
“Trapelo’s impressive proprietary evidence-based knowledge system, combined with NeoGenomics’ comprehensive, multi-modality test menu, will enable providers to implement precision oncology and give patients the confidence that they are receiving the most effective level of care based on their personal circumstances.” added VanOort. “We plan to make the Trapelo solution broadly available to providers, payers and laboratories to enable precision oncology to be available across all healthcare settings. We are excited to welcome the very talented group of Trapelo employees to NeoGenomics.”
“NeoGenomics was quick to recognize and appreciate Trapelo’s comprehensive decision-support philosophy, knowledgebase and technology, and the important role it can play in scaling the appropriate use of precision oncology by physicians on behalf of their patients,” added Clynt Taylor, CEO of Trapelo Health. “We are very excited to be joining the NeoGenomics team and look forward to accelerating the important work we’ve started.”
The growing complexity of precision oncology calls for innovative solutions that streamline workflow and align key stakeholders. Trapelo’s configurable platform facilitates real-time, automated collaboration among physicians, laboratories and payers. The platform enables practices to consistently and efficiently deliver quality care throughout their organization, monitor compliance with quality pathways, and immediately adapt to new clinical evidence. The Trapelo platform also enables a paradigm shift from traditional payer approval practices to transparent, evidence-based, clinical-decision-support processes.
The capabilities from Trapelo further extends NeoGenomics’ unique ability to serve physicians, payers and researchers, and supports its commitment to helping all patients receive the opportunity for the best possible outcomes.