Irish biotech company Biosensia has been acquired by the US medical diagnostics firm Kypha for an undisclosed sum.
The company was founded in Dublin in 2009 by Prof Gareth Redmond, now head of chemistry at University College Dublin, and Prof Gabriel Crean, formerly chief executive at Luxembourg Institute of Science and Technology.
The NovaUCD-based company has developed a point-of-care in-vitro diagnosis system known as RapiPlex that can produce laboratory quality test results quickly, as against having to wait days or weeks as is often the case when sent to a laboratory. The system can also run multiple diagnoses at the same time.
Biosensia, which also offers contract assay development and manufacturing, has secured about $10 million (€8.55 million) in funding to date with backers including Atlantic Bridge, Seroba Life Sciences, Street Capital and Act Venture Capital. The company has also previously received funding under the EU's Horizon 2020 programme.
Stronger company
Speaking to The Irish Times, Alan O'Connell, a partner at Seroba Life Sciences, said the merger would create a stronger company that could get to market quicker and had the potential to make a greater exit.
The Dublin operation is expected to be retained and expanded following the deal.
"The proprietary technologies and core competencies of each company are perfectly synergistic. Blending them enhances and accelerates the delivery of our products to health care practitioners, researchers and pharmaceutical companies seeking to more precisely assess and monitor immune status dynamics," said Chad Stiening, chief executive of Kypha.
“The addition of Biosensia’s EU-based ISO-certified facilities and deeply experienced core team allows us to bring product development, quality control and test manufacturing in house and continue to provide contract assay development and manufacturing services to Biosensia clients around the world,” he added.
