Business
Acquisition of home-use genetic testing company
Acquisition of home-use genetic testing company.
About this update from Fortis Frontier Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0945G\n Concepta PLC\n 23 November 2020\n \n \n \n \n Concepta PLC\n \n \n (\"Concepta\" or the \"Company\") \n \n \n \n Acquisition of home-use genetic testing company\n \n \n \n \n \n Concepta PLC (AIM: CPT), the personalised healthcare company, announces the acquisition (\"Acquisition\") of 100% of the outstanding share capital of The Genome Store Ltd (\"The Genome Store\"), a provider of home-administered postal genomic test services, for an initial consideration of £0.28m payable in shares, and a deferred consideration of up to £0.24m payable in shares and linked to performance milestones.\n \n \n \n \n \n The Genome Store, based in the Manchester Science Park, has developed a number of genomic - or DNA - tests covering a range of female and male wellness, food intolerance and lifestyle testing. A sample can be quickly and conveniently taken at home using simple oral or nasal collection swabs which are then sent via free postage for processing using established laboratory-based DNA and RNA detection methods.\n \n \n \n \n \n An initial portfolio of tests will be launched in Q4 2020, with a pipeline of further tests to be commercialised from Q1 2021. The service is expected to be rebranded under Concepta ownership and the portfolio launched under a new brand. The Company will update shareholders on the launch in due course. \n \n \n \n \n \n The co-founders, Bhavika Patel, Dr Greg Fitzgibbon, Jane Kelly and Dr Paul Docherty will join Concepta's \n Scientific Advisory Board, and Jane Kelly, Operations Director at The Genome Store will become an employee at Concepta.\n \n \n \n \n \n Strategy\n \n \n The Acquisition delivers on one of Concepta's key strategic areas of focus as shared in September, namely growing the Company's \n product portfolio into other areas of personalised health and female health products. The genomic testing service provides a complementary portfolio of products to Concepta's personalised fertility tracker, with additional products being developed that focus on women's health testing. \n \n \n \n \n \n It provides Concepta with a compliant \n laboratory set up, high throughput testing capacity and additional revenue streams derived from a scalable business model.\n Concepta is now able to offer its customers a wider range of healt...