Business
Nanogen and Spectral announce rapid cardiac diagnostic test agreement
Nanogen and Spectral announce rapid cardiac diagnostic test agreement.
About this update from Spectral Medical Inc
[{"type":"text","content":"\n\n\n\n\nSAN DIEGO, CA, and TORONTO, ON, Dec. 20 /CNW/ - Nanogen, Inc. (Nasdaq:\nNGEN) and Spectral Diagnostics Inc. (TSX: SDI) today announced the signing of\na definitive agreement whereby Nanogen will acquire Spectral's rapid cardiac\nimmunoassay test business, including the cardiac STATus, Decision Point(TM)\nand i-Lynx(TM) product lines. Nanogen will assume related sales, marketing and\nmanufacturing activities. The transaction is expected to close during the\nfirst quarter of 2006 and is subject to approval by Spectral's shareholders\nand other customary closing conditions. The total consideration for the\ntransaction is CDN$9 million, comprised of CDN$5.65 million in cash and\nCDN$3.35 million in Nanogen common shares.\n\"We are excited about acquiring the Spectral cardiac test business. This\nacquisition is part of our continuing strategy to acquire product lines and\nbusinesses to complement and accelerate our growth strategy to become a\nleading advanced diagnostics company,\" said David Ludvigson, Nanogen's\nPresident and Chief Operating Officer. \"The Spectral point of care products\nare noted for their quality and, when combined with our Status First(TM)\nCongestive Heart failure test, will significantly expand our offering and\nmarket position for the rapid diagnosis of cardiac conditions.\"\n\"We are very pleased with this agreement. It will significantly improve\nSpectral's financial position and enable us to move quickly to successful\ncommercialization of our unique EAA Sepsis assay and West Nile products. We\nwill also maintain our proprietary reagent business, highlighted by the\nCompany's single chain Troponin I products\" stated Dr. Paul Walker, Spectral's\nPresident and Chief Executive Officer. \"We expect this transaction to enhance\nSpectral shareholder value, as we execute on our strategic plans for our new\nproducts\", continued Dr. Walker.\n\nAbout Nanogen, Inc.\n-------------------\nNanogen's advanced technologies provide researchers, clinicians and\nphysicians worldwide with improved methods and tools to predict, diagnose, and\nultimately help treat disease. The Company's products include real-time PCR\nreagents, the NanoChip(R) electronic microarray platform and a line of rapid\ndiagnostic tests. Nanogen's ten years of pioneering research involving\nnanotechnology holds the promise of miniaturizat...