Carclo Regulatory News (CAR)

9 Mar 2007 07:01

BBI Holdings PLC09 March 2007 BBI HOLDINGS PLC JOINT INVESTMENT IN PLATFORM DIAGNOSTICS BBI Holdings Plc ("BBI"), the AIM listed developer and manufacturer of rapidresult diagnostic tests announces that it has signed a joint venture withtechnical plastics specialists Carclo Plc (Carclo) to acquire up to 50 percentshare of Platform Diagnostics (Platform), a privately owned developer of Pointof Care (POC) diagnostics. Under the terms of the agreement BBI and Carclo will both initially acquire 2.5percent in the company for a consideration of £40,000 each. Both companies willthen receive an additional 2.5 percent share of the company upon each further£50,000 worth of investment up to a maximum 25% or £500,000 per company. Anyfunds from future investment will be used to supply laboratory equipment,materials and labour to support technology development. Platform was founded in 2002 and has been financed by early stage venturecapital funds. The company's expertise lies in the development of Point of Care(POC) diagnostics across a range of technologies, including its flagshipCapillary Agglutination Technology (CAT). CAT can be used to adapt standarddiagnostic tests to provide low cost digital result POC diagnostics whichovercome the quantitative limitations of tests currently in the marketplace. The investment will focus on two diagnostics technologies that Platform iscurrently developing. The first is an Intellectual Property protected capillarysystem which has passed initial feasibility studies. The first full developmenttarget for this platform will be BBI's D-dimer platform which was recentlyacquired from Agenix Ltd. The second focus of the investment is a new patentedformat of lateral flow which is in development, with results of feasibilitystudies expected shortly. BBI's Managing Director Julian Baines said: "In Platform's technology we have identified a next generation platform for BBIwhich demonstrates our commitment to the future of POC, and our investment indeveloping a strong and diverse pipeline. Platform's technology is highlysynergistic with BBI's current portfolio, and we look forward to taking theD-dimer test to a new level through this collaboration with Platform. "In Carclo we have found a global partner that is experiencing significantgrowth in its medical and diagnostics manufacturing businesses. Carclo'sexpertise in microfluidics, surface coatings and optics will complement BBI'sreagent supply and sales and marketing network. Working together, BBI and Carcloexpect to complete the development of Platform's technology within the next12-18 months." Carclo's Chief Executive Ian Williamson said: "We are delighted to be working alongside BBI on the development of Platform'stechnology. The CAT platform combined with BBI's newly acquired D-dimerchemistry is an ideal opportunity to bring to market a new generation of lowcost, rapid diagnostic tests for the Point of Care market." David Evans, Chairman of BBI, is also Chairman of Platform and will resign asChairman of Platform on the recruitment of his successor. For further information please contact:BBI Holdings plc Parkgreen Communications LtdJulian Baines, Managing Director Paul McManusTel: 029 2074 7232 Tel: 020 7479 7933 Mob: 07980 541 893www.bbigold.com Email: paul.mcmanus@parkgreenmedia.com Background notes: About BBI Holdings PLC (LSE: BBI): BBI specialises in the development and manufacture of non-invasive lateral flowtests, or In Vitro Diagnostics (IVD). Such tests offer a rapid and costeffective diagnosis for the Point of Care (POC) market, as they are notlaboratory based and can be used at the bedside/doctor's surgery. BBI derives income from four core areas within the research, development, andmanufacture of IVDs: Gold Colloid/Conjugate Manufacture. BBI has achieved a global reputation formanufacturing superior quality gold reagents. These are bound to specificantibodies or antigens and incorporated into diagnostic tests, to provide apositive or negative visual signal. Gold is an excellent indicator forsensitivity-based tests. Contract Product Development. BBI has many years' experience in working withcustomers to develop rapid point of care tests. The first project entered intoin 2001 was with Merck to develop five rapid tests to detect food-bornepathogens. Since then BBI has worked with many leading diagnostic companiesincluding Phadia (formerly Pharmacia Diagnostics), Kimberley Clark, and BectonDickinson. Rapid Test Manufacture. BBI can manufacture tests in the UK or the US. Rapidtest manufacture involves placing conjugate onto a pad or strip and enclosingthis within a preformed plastic package 'housing' designed to the customer'sspecifications. BBI expects this area to grow significantly over the comingyears, as more and more contract development projects are transferred tomanufacture and products launched in the market place. BBI Healthcare. In April 2004 BBI acquired Hypostop (now renamed GlucoGel in theUK). GlucoGel is an easy to use dextrose gel which is recommended by theNational Institute for Clinical Excellence (NICE) to manage hypoglycaemia. InJuly 2006 BBI acquired a talking blood glucose meter reader for the visuallyimpaired called SensoCard plus. The acquisition gives BBI exclusive distributionrights for SensoCard plus within the UK and shared rights for the US, Canada andIndia. This information is provided by RNS The company news service from the London Stock Exchange