Imperial College: Spin-out acquired in cash deal

Sale

Acrongenomics Inc of Geneva, Switzerland, is to acquire the Imperial College spin-out Molecular Vision Ltd, a specialist in miniaturised point-of-care medical diagnostic devices.

The devices integrate microfluidic chips with organic-semiconductor technology and photodetectors to provide portable laboratory quality diagnostic tests in an easy-to-use, low-cost, disposable kit. The devices have the potential to test for multiple diagnostic markers simultaneously.

As part of the deal Acrongenomics will retain the services of the founders, Donal Bradley, Andrew De Mello and John De Mello, who, with their technical team, will continue to lead the development of the point-of-care devices and technology at the Molecular Vision laboratory at Imperial College London.

Acrongenomics previously agreed a collaboration with Molecular Vision in May 2006. “By acquiring Molecular Vision we can capitalise on the tremendous progress achieved since our collaboration began, such as our recent demonstration of the detection of creatinine in urine using the POC device with detection levels and accuracy comparable to lab-based equipment,” said Dimitri Goundis, CEO of Acrongenomics.

We see the potential of the technology beyond the fields covered in the original agreement, such as industrial and environmental sectors.”

Ian Campbell, CEO of Molecular Vision, said, “The acquisition is a natural step forward and should greatly accelerate our commercialisation efforts and bring the technology to the market place as soon as possible.”