Acrongenomics has signed a letter of intent to buy 100% of Molecular Vision, a private UK company that specialises in the development of miniaturised point-of-care (POC) medical diagnostic devices
Molecular Vision's POC devices integrate proprietary microfluidic chips with patented organic-semiconductor technology and photodetectors to provide portable lab-quality diagnostic tests in an easy-to-use, low-cost, disposable application.
These devices have the potential for multiple simultaneous testing of diagnostic markers in a wide range of applications.
Acrongenomics will acquire all of the Intellectual property and assets of Molecular Vision and will retain the services of the founders, Professor Donal Bradley, Professor Andrew De Mello and Professor John De Mello, and their technical team to continue to lead the development of the POC devices and technology at the Molecular Vision laboratory at Imperial College London.
Acrongenomics previously entered into a joint development agreement with Molecular Vision on May 22, 2006 to acquire the exclusive rights to develop and commercialise existing intellectual properties relating to Molecular Visions' patented BioLED technology.
"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.
"We see the potential of the technology beyond the fields covered in the original agreement, such as industrial and environmental sectors, and have decided to acquire Molecular Vision," said Dimitri Goundis, CEO of Acrongenomics.
He continued: "It provides our shareholders with increasing value and a unique opportunity to continue to invest in a technology that has seemingly endless application potential in diagnostics".
"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," commented Ian Campbell, CEO of Molecular Vision.
