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Nanogen to acquire SYN X Pharma

TorontoFriday, February 13, 2004, 08:00 Hrs  [IST]

Nanogen, Inc., developer of molecular diagnostic products for the gene-based testing market, and SYN X Pharma, Inc., a point-of-care diagnostics company, announced the signing of a definitive agreement whereby Nanogen will acquire SYN X in an all-stock transaction by way of a court-approved plan of arrangement. The acquisition will provide Nanogen with a pipeline of complementary products in order to expand its market share in the in vitro diagnostics market and augments its technology platform for developing advanced diagnostic products. SYN X currently markets point-of-care diagnostic tests for myocardial infarction in Europe and Canada, and infectious diseases and drugs of abuse in Canada. In addition to the CHF product, SYN X has been developing a pipeline of tests to be marketed under the brand name Nexus Dx for insulin resistance and traumatic brain injury. SYN X also intends to expand the CHF product line and obtain clearance for additional label indications. In addition, SYN X has developed diagnostic tests for Alzheimer's disease and stroke, which, as previously announced, have been licensed to Ortho-Clinical Diagnostics Inc. (a Johnson & Johnson Company) and Genzyme Corporation, respectively. "The acquisition of SYN X supports Nanogen's long-term strategy to commercialize advanced diagnostics that enhance the level of medical care for the detection, diagnosis, monitoring and treatment of disease," said Howard Birndorf, Nanogen CEO. "Nanogen has an established position in clinical reference labs, and this acquisition allows us to expand into a synergistic market, bringing diagnostics closer to the patients and physicians making critical treatment decisions. Nanogen welcomes the SYN X team and we look forward to joining efforts to commercialize our combined pipeline of genetic, infectious disease and point-of-care products," added Birndorf. "This strategic union will deliver enhanced value for our shareholders, business partners and customers. It will provide the necessary resources to commercialize our rich Nexus Dx pipeline of products and enhance our abilities to respond to unmet medical diagnostic needs in areas like congestive heart failure, insulin resistance, type I diabetes and traumatic brain injury," said Dr George Jackowski, SYN X CEO.

 
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