Synovates CEO Michael Oreskes has made it clear he doesn’t see the end of the Synovati business.
Synovators chief executive Michael Orenskes said that the company has a “strong commitment” to the US market.
Synotron, the company’s partner and chief technology officer, said in a statement to the Wall Street Journal that it’s “working hard to develop and market products that have strong value to consumers.”
Synovatus CEO Michael Ober said in the statement that Synovatis business will continue.
Synvatus is Synovatel’s chief competitor in the US, a market that Synopat has tried to expand into in recent years.
Synopats products are sold through a subsidiary of US-based rival Theranos.
Synogate’s main competitor, the Biovate Therapeutics, is based in the UK.
In the US alone, Biovates products are used to treat more than 40 million patients.
SynoVate, which has $20 billion in market capitalization, has a $1 billion valuation.