EDX Medical acquires product development company Torax Biosciences

(Alliance News) - EDX Medical Group PLC on Friday said it has acquired Torax Biosciences Ltd, by issuing 1.7 million shares in the company at a deemed price of 6 pence per share.

The London-based developer of diagnostics products to help predict disease risk said the acquisition offers an experienced point-of-care diagnostics technical team with "proven skills in innovation and new product development". The acquisition will also supplement EDX's laboratories in Cambridge, by adding additional laboratory capacity in Northern Ireland.

Torax is a Belfast-based company providing product development and pilot scale fabrication of immunochemistry-based assays and diagnostic testing solutions.

The company said Torax's Founder Lawrence McGrath will join EDX as a senior development scientist, and will continue to lead Torax alongside EDX chief executive officer Mike Hudson as co-directors.

EDX Founder Chris Evans said: "We are delighted to announce this strategic acquisition of Torax which will add further strength and depth to EDX Medical’s innovation and product development capabilities. This enables us to provide an even wider range of testing solutions and data analysis.

"The Torax knowledge and capabilities in immunochemistry will accelerate our development of robust and innovative tests for cancer and other significant diseases."

EDX said the 1.7 million new shares will be issued on the AQSE growth market around February 21.

EDX shares were unchanged, last traded at 2.8p per share on Monday in London.

By Harvey Dorset, Alliance News reporter

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