Business
Acquisition
Acquisition.
About this update from Ekf Diagnostics Holdings Plc
[{"type":"text","content":"\n RNS Number : 2263X EKF Diagnostics Holdings PLC 02 December 2010 \n \n\nEKF Diagnostics Holdings plc\n(\"EKF\" or the \"Company\")\n \n£2.18m Acquisition of Argutus Medical Limited\n \nEKF Diagnostics Holdings plc (AIM: EKF), the AIM listed point-of-care diagnostics business, announces that it has acquired the entire issued share capital of Argutus Medical Limited (\"Argutus\"), a world leader in the discovery and development of novel biomarkers of organ injury, for £2,182,750 in shares.\n \nHighlights:\n \n· Argutus, is a world leader in the discovery and development of novel biomarkers of organ injury and in particular, urinary biomarkers for the early detection of acute kidney damage\n· Consideration of £2,182,750, to be satisfied by the issue of 9,731,387 EKF shares, at 22.43p per share, on completion\n· Argutus' products are complementary to the existing operations of EKF, especially with regards to the early detection of kidney damage in diabetics\n· EKF's third acquisition demonstrates management's ability to execute its buy and build strategy\n \nIntroduction\n \nThe Company has acquired, conditional only upon admission to AIM of the consideration shares, the entire issued share capital of Argutus for a total consideration of £2,182,750.The consideration is to be satisfied by the issue of 9,731,387 new ordinary shares in EKF (\"New Ordinary Shares\"), at a price of 22.43p per share. Application will be made for the New Ordinary Shares to be admitted to AIM and dealings are expected to commence on 7 December 2010.\n \nInformation on Argutus\n \nArgutus, based in Dublin, was originally a division of Biotrin Holdings Limited and was acquired in July 2008 by its management team and Enterprise Ireland (together the \"Vendors\").\n \nArgutus develops and markets biomarkers for the early detection of kidney injury and failure. To date, the business has generated revenue through the sale of its products to clinical trial and research companies for testing of injuries to both animals and humans. Its focus, going forward, is on developing into point of care platform products for both kidney damage and as an indicator of kidney failure by diabetic patients, a far larger market.\n ...