Last checked at 14 Dec 2007 15:30
Avacta Group Plc
Completion of Acquisition of Oxford Medical Diagnostics Limited
Avacta Group Plc ("Avacta" or the "Company"), announces that the conditional acquisition of Oxford Medical Diagnostics Limited ("OMD") announced on 14 November 2007 has been completed.
Accordingly, application has been made for 21,954,035 ordinary shares of 0.1 pence each in the capital of Avacta ("Ordinary Shares") issued as the first element of the consideration for the acquisition of OMD to be admitted to trading on AIM. Dealings are expected to commence on 20 December 2007, following which the Company's issued ordinary share capital will comprise 800,432,077 Ordinary Shares. The second element of the consideration, comprising the issue of a further 21,954,035 Ordinary Shares, will take place on the agreement of the completion balance sheet.
Prof Alastair Smith, Chief Executive, commented:
"The acquisition of OMD delivers on our long term objectives of providing high value solutions in clinical diagnostics whilst also contributing a nearer term revenue stream through industrial gas sensing applications. OMD's technology and industry relationships are highly synergistic to Avacta and we hope to capitalise on this across the Group.
"Indeed, based on our own discussions with clinicians, we believe that breath diagnostics has the potential to create a step change in patient testing and OMD has a strong intellectual property position in this area having been given an exclusive licence to a patent granted in the US and with ongoing applications in other geographies. It's a tremendously exciting opportunity"
14 December 2007Enquiries:Avacta Group plc Tel: 0870 835 4367 Alastair Smith, Chief Executive Nexus Financial Ltd Tel: 020 7451 7050 Nicholas Nelson/Kathy Boate nicholas.nelson@nexusgroup.co.uk WH Ireland Limited Tel: 0161 832 2174 David Youngman/Robin Gwyn BankOra Limited - Nominated Broker Tel: 020 7562 4713
Henry Turcan/Michael Brennan
AVACTA GROUP PLC