Transgenomic, Inc. has announced that it has sold its ion chromatography (IC) product line and related assets to Edge BioSystems, Inc. (EdgeBio), a portfolio company of the investment firm StoneCalibre. EdgeBio is a specialized manufacturer and distributor of DNA sequencing sample preparation and clean-up products.
Under the terms of the agreement, Transgenomic transferred rights to its ion chromatography products, licenses, technology, know-how and trademarks to EdgeBio, along with product inventory, for approximately $2.1 million in cash. Further terms of the agreement were not disclosed.
Ion chromatography is a chemical analysis technique that separates and analyzes different substances according to their affinities for chemically stable, highly reactive synthetic ion exchangers. The IC product line includes a wide range of specialty ion chromatography columns that are designed to run on a variety of chromatograph systems.
Paul Kinnon, President and Chief Executive Officer of Transgenomic, commented, “An important part of our revitalization strategy is to selectively monetize non-core legacy businesses and product lines so that we can focus our resources on commercialization of Multiplexed ICE COLD-PCRTM (MX-ICP) for high value, high growth clinical applications, such as liquid biopsies for targeted cancer therapy and patient monitoring. This asset monetization strategy frees up cash to help advance our commercialization efforts for MX-ICP. Transgenomic will continue to pursue opportunities to optimize our asset deployment and product mix, and we expect to complete additional asset monetizations in the coming months.”