£10.5m reverse takeover for molecular diagnostic firm
A MANCHESTER bio-medical company is to be acquired in a £10.5m reverse takeover deal.
Manchester Science Park-based Premaitha Health is a molecular diagnostic business which has developed a pre-natal screening test called IONA which will be offered to pregnant women to determine the risk that their foetus is affected with Down’s Syndrome or other serious genetic diseases.
It has agreed a deal with AIM-listed investment company called ViaLogy Plc, which is raising £6.6m after expenses through a share placing of 95.45 million shares at 11p.
Subject to ViaLogy shareholders’ approval later this month, the enlarged business will be renamed Premaitha Health and its shares will begin trading on AIM in July.
Premaitha Health’s executive management team is led by chief executive Dr Stephen Little, a serial biotech entrepreneur who has a proven diagnostic and commercial track record. The company has been supported during its growth phase by the North West Fund.
He said: “Our approach is to take early stage discoveries and translate them into clinically useful diagnostic products that can be widely used to benefit human health.
“The global market for prenatal testing is estimated at $4.2bn and this is an exciting phase in our development of the business roll-out so we are looking forward to working with the new team and delivering on our plans for the IONA® Test.”
The targeted customers for the IONA Test, which is due to be launched in early 2015, are the estimated 600 laboratories offering prenatal screening within Europe, the Middle East and Africa.
Following the initial launch in Europe, it is the intention to extend sales and marketing activities in to Asia.
