Gooch & Housego Regulatory News (GHH)

7 Feb 2006 07:02

Gooch & Housego PLC07 February 2006 For Immediate Release 7 February 2006 Gooch & Housego PLC ACQUISITION OF CHROMODYNAMICS, INC. Gooch & Housego, the specialist manufacturer of advanced optoelectroniccomponents, materials, instruments and systems, is pleased to announce that ithas acquired ChromoDynamics, Inc. (CDI). Based in the USA, CDI is a developer ofhyperspectral imaging systems. Designed initially for use in conjunction withhigh-end research microscopes, the products are targeted at biomedical research,drug development and medical diagnostics. Future products will address a broadrange of applications including remote sensing and semiconductor inspectionsystems. CDI was founded in 1997 to transfer technology developed at Carnegie MellonUniversity ("CMU"), Pittsburgh, Pennsylvania, into the commercial realm, andbenefited from grants from the National Institutes of Health (NIH) and otherfunding bodies. CDI licenses key patents from CMU (exclusive to its targetmarkets) and has also developed its own intellectual property. Biomedicalimaging systems based on this technology have the potential to improve detectionof cancer and aid in drug development. Three first generation products have beensold to leading biomedical research and pharmaceutical organisations, and afourth to a manufacturer of semiconductor inspection equipment. CDI is now ready to commercialise the technology and make the transition fromresearch and development to production. Manufacturing resources and expertisewithin Gooch & Housego in acousto-optic tuneable filters (the key activecomponent in the system), spectroscopic instrumentation and electronics willenable CDI to achieve the scale necessary to address the market opportunity.Initial sales are expected in the 2007 financial year. The current sole employeeand co-founder will remain with CDI as Vice President of R&D and will providethe foundation for the new team. The consideration for the acquisition is $1,180,000 payable in cash oncompletion. During the year to 30 June 2005, CDI had an income of $229k and made a loss of$78,000. As at 31 May 2005, CDI had net assets of $26,000. Contacts: Gareth Jones, Chairman and Chief Executive Officer, 01460 52271 Tim Thompson, Buchanan Communication Ltd, 020 7466 5000 Andrew Edwards, Oriel Securities Limited, 020 7710 7600 This information is provided by RNS The company news service from the London Stock Exchange