Progenity Acquires Medimetrics to Advance Development of Absorbable Medical Devices for Gastrointestinal Diagnostics and Therapy

On September 19, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biotechnology company Progenity announced the acquisition of medical device company Medimetrics. The specific financial terms of the transaction were not disclosed.

This acquisition further strengthens Progenity’s existing intellectual property portfolio, enabling the company to further develop ingestible devices and advance research, diagnostics, and therapeutics in the gastrointestinal (GI) tract.

The acquisition agreement includes the purchase of Medimetrics’ patent portfolio for absorbable device technology, comprising 137 granted patents and 15 pending applications in the United States, Europe, China, and Japan. The absorbable devices are capable of autonomous self-positioning, collecting and preserving samples from pre-selected gastrointestinal (GI) locations, and delivering targeted therapeutic agents to the gastrointestinal tract. Progenity’s patent portfolio consists of 200 granted patents and 216 pending applications.

Medimetrics, founded in 2011 and headquartered in the Netherlands, is a global leader in electronic oral drug delivery. The company’s core business includes gastrointestinal-targeted drug delivery and the development of modified-release formulations. Medimetrics also provides in vivo testing services for the IntelliCap system.

Progenity, a biotechnology company founded in 2010 and headquartered in San Diego, California, is dedicated to making healthcare more precise and personalized. The company advances precision medicine through diagnostic and therapeutic platforms based on genomics, proteomics, and microbiomics. These platforms support the development pipeline of innovative products aimed at improving treatment outcomes for patients with oncological and gastrointestinal conditions. Progenity’s vision is to realize precision medicine by diagnosing diseases at their source and treating patients with targeted therapies.

Due to the high cost of invasive procedures and limited treatment options, the diagnosis and management of small intestinal bacterial overgrowth (SIBO) and inflammatory bowel disease (IBD) remain challenging, leaving millions of affected individuals untreated. Progenity is developing ingestible devices and therapies for the diagnosis and treatment of gastrointestinal disorders. Progenity’s system offers non-invasive options for diagnosing, treating, and monitoring gastrointestinal diseases.

Dr. Harry Stylli, Chairman of the Board and Co-Founder of Progenity, stated, “With the acquisition of Medimetrics’ assets, Progenity now holds one of the strongest patent portfolios for ingestible devices. The integration of Medimetrics’ technology with our own will significantly advance the development and commercialization of ingestible technologies and therapies. Our goal is to enhance the awareness, diagnosis, and treatment of gastrointestinal diseases, ultimately achieving precision medicine.”

Jeff Shimizu, Progenity’s Director of Device Development and former Chief Technology Officer, stated, “Medimetrics’ expertise in device development and systems engineering laid the foundation for ingestible drug delivery technology. We will continue to unlock the potential of ingestible technologies to raise the overall standard of care in gastrointestinal health.”

(Compiled by Hu Yifan)