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Business Update
Gen-Probe exercises option to develop rapid molecular testing platform using Qualigen patent
May 18th, 2006
Gen-Probe Incorporated (GPRO) has exercised its option to develop a novel nucleic acid testing (NAT) platform based on Qualigen's patented, U.S. FDA-approved FastPack immunoassay system, the companies announced. As part of the exercise, Gen-Probe has purchased preferred stock convertible into approximately 19.5% of Qualigen's fully diluted common shares for approximately $7 million. If development is successful, the new platform, known as a closed unit-dose assay (CUDA) system, would use Gen-Probe's NAT technologies to rapidly detect, at the point of sample collection, the presence of harmful microorganisms and genetic mutations. The platform could...
Source: Biotech Business Week (2006-05-18)
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