Business
Acquisition of Torax Biosciences
Acquisition of Torax Biosciences.
About this update from Edx Medical Group Plc
[{"type":"text","content":"\n \n This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain and such persons shall therefore cease to be in possession of inside information.\n LONDON: February 17, 2023\n EDX Medical Group Plc\n EDX Medical Group Plc announces acquisition of Torax Biosciences Ltd.\n EDX Medical Group plc (“EDX Medical” or the “Company”), which develops innovative digital diagnostic products and services for cancer, heart disease, neurology and infectious disease testing, today announces that it has acquired the entire issued share capital of Torax Biosciences Ltd. (“Torax”), (the “Acquisition”) (together, the “Enlarged Group”) by the issue of 1,666,667 new Ordinary Shares in the capital of the Company at a deemed price of £0.06 per share.\n Torax is a research company providing product development and pilot scale fabrication of immunochemistry-based assays and diagnostic testing solutions.\n Torax is now a wholly-owned subsidiary of EDX Medical and will provide an experienced point-of-care diagnostics technical team with proven skills in innovation and new product development. Torax will also provide additional laboratory capacity in Northern Ireland in support of EDX Medical’s established laboratories in Cambridge.\n The Torax laboratory operates under ISO 9001 and ISO-13485 accredited quality systems for IVD product design, development, manufacture and commercialisation. Torax’s expertise and facilities complement the EDX Medical laboratory PCR and genomic sequencing tests which are provided under ISO 15189. The quality systems of the combined group will provide assurance for both point-of-care and laboratory test solutions delivered by EDX Medical Group Plc.\n Torax was founded by and is led by Dr Lawrence McGrath, who joins EDX Medical as a Senior Development Scientist and will continue to lead Torax where he will be joined by Dr Mike Hudson, EDX CEO as co-director of Torax as an EDX Medical subsidiary.\n Dr McGrath is a recognised expert in the field of diagnostic and immune-chemistry, graduating with an MSc and PhD in Biochemistry from The Queen’...