TheraGenetics Announces Acquisition by Avacta Group PLC
February 9th, 2009
2009 FEB 9 -- TheraGenetics Limited, a personalized medicine diagnostics company that is developing and commercializing a portfolio of pharmacogenetic diagnostic tests to guide and improve the treatment of central nervous system (CNS) disorders, announced that the Company has been acquired by publicly traded Avacta Group PLC. UK-based Avacta seeks to develop innovative detection and analysis technology aimed primarily at the pharmaceutical and healthcare markets. TheraGenetics is focused on developing pharmacogenetic diagnostic tests for schizophrenia, depression, bipolar disorder, Alzheimer’s disease and ADHD (attention deficit hyperactivity disorder). The acquisition brings together two highly complementary UK-based companies focused on developing diagnostics at the molecular level for the treatment of critical diseases where there remains significant unmet medical need.
“We are pleased to announce the successful acquisition of TheraGenetics by Avacta,” said Richard Kivel, Chief Executive Officer of TheraGenetics. “We have made tremendous progress in our efforts to link genes to specific CNS disorders and advance the development of our diagnostic tests to determine patient response to treatment as well as drug side effects. The acquisition by Avacta strongly positions the company from both a resource and technology standpoint, as we seek to expedite our development programs and build a foundation for future diagnostic tests for the most common CNS conditions.”
“This is an opportunity for Avacta to develop further its business in the diagnostics sector,” added Alastair Smith, Chief Executive Officer of Avacta. "The anticipated integration of TheraGenetics and Curidium Medica plc within the enlarged group will create a strong intellectual property position in CNS personalized medicine that has the potential to be a significant asset to the group.”
Under the terms of the agreement, TheraGenetics will be acquired for a combination of cash and stock. Additionally, under the agreement, the U.S. operations will remain in Cambridge, Massachusetts. About TheraGenetics TheraGenetics is a privately held, personalized medicine diagnostics company that is developing and commercializing a portfolio of pharmacogenetic diagnostic tests to guide and improve the treatment of CNS disorders thereby bringing the right medicine to the right patient. TheraGenetics was created in April 2006 as a spin-out of the Institute of Psychiatry at King's College London. Current investors include Swarraton Partners Ltd., Tudor Capital, IP Group PLC. For more information please visit www.theragenetics.com. About Avacta Avacta was spun-out from the University of Leeds in 2004 by its current management team as a biophysics company, with the aim of combining the disciplines of physics and biology to develop innovative technologies and expert technical services to address needs in the pharmaceutical, defense and clinical diagnostics markets. Avacta has a core bio-analytical technology development program addressing the needs of the biopharmaceutical sector to fully characterize their new products at the earliest stage in their development to reduce the risk of late stage failure. High value solutions in clinical diagnostics are also being targeted for these core bio-analytical technologies and for Avacta’s trace gas analysis technology as well as opportunities in industrial and military sensing applications. A successful and growing part of the Avacta business model is its technical services arm, Avacta Analytical Limited, which is focused on providing leading edge contract research to the biopharmaceutical and healthcare/personal-care materials sectors. Avacta listed on AIM in August 2006 through the reverse takeover of Readybuy plc which changed its name to Avacta Group plc.
Keywords: Central Nervous System Disorders, ADHD, Alzheimer Disease, Attention Deficit Hyperactivity Disorder, Bipolar Disorder, Central Nervous System Disease, Central Nervous System Infection, Central Nervous System Tumors, Developmental Disabilities, Diagnostics, Drug Development, Drugs, Genetics, Manic-Depressive Illness, Mental Health, Neurology, Neurosurgery, Pharmaceuticals, Pharmacogenetics, Psychiatry, Schizophrenia, Therapies, Therapy, Treatment, TheraGenetics Limited.
This article was prepared by Pain & Central Nervous System Week editors from staff and other reports. Copyright 2009, Pain & Central Nervous System Week via NewsRx.com.
