Nanogen to Acquire Cardiac Test Business

An agreement has been announced whereby Nanogen, Inc. (San Diego, CA, USA), will acquire the rapid cardiac immunoassay test business of Spectral Diagnostics, Inc. (Toronto, CA) for about U.S.$4.9 million in cash and $2.9 million in Nanogen common stock.

Spectral's cardiac immunoassay test business includes the cardiac STATus, Decision Point, and i-Lynx product lines. The cardiac STATus is a simple, handheld cardiac marker for bedside tests that support U.S. guidelines for the diagnosis of heart attack. The i-Lynx is a small unit also intended for bedside testing.

"The Spectral point-of-care products are noted for their quality and, when combined with our Status First congestive heart failure test, will significantly expand our offering and market position for the rapid diagnosis of cardiac conditions,” noted David Ludvigson, president and COO of Nanogen.

The sale will significantly improve the financial position of Spectral Diagnostics and may help the company to successfully commercialize its EAA sepsis assay and products for detecting West Nile virus. "We will also maintain our proprietary reagent business, highlighted by the company's single chain Troponin I products,” observed Dr. Paul Walker, president and CEO of Spectral Diagnostics. The company also expects the transaction to enhance shareholder value.

Nanogen's products include real-time polymerase chain reaction (PCR) reagents, the NanoChip electronic microarray platform, and a line of rapid diagnostic tests. The company has developed nanotechnology that may permit miniaturization.





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Nanogen
Spectral Diagnostics