Acrongenomics Signs Letter of Intent to Acquire 100% of Molecular Vision Limited
News Nov 16, 2007
Acrongenomics, Inc. has announced that it has signed a letter of intent for the acquisition of 100% of Molecular Vision Limited, (''Molecular Vision'') a private U.K. company that specializes in the development of miniaturized Point-of-Care (POC) medical diagnostic devices.
The devices integrate proprietary microfluidic chips with patented organic-semiconductor technology and photodetectors to provide portable lab-quality diagnostic tests in an easy-to-use disposable application. These devices have the potential for multiple simultaneous testing of diagnostic markers in a wide range of applications.
Under the terms of the letter of intent, Acrongenomics will acquire, upon certain considerations to be made upon closing of a definitive agreement, 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.
Closing of the transactions contemplated in the Letter of Intent is subject to certain terms and conditions as well as satisfactory completion of the parties due diligence.
Acrongenomics previously entered into a Joint Development Agreement with Molecular Vision on May 22, 2006 to acquire the exclusive rights to develop and commercialize existing intellectual properties relating to Molecular Vision's patented ''BioLED'' Technology. The original Agreement was subsequently amended on February 13, 2007 and again on May 23, 2007.
"By acquiring Molecular Vision we can capitalize 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 Dr. 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.''