Joint Venture Agreement

9 Mar 2007 07:01

Carclo plc09 March 2007 For Immediate Release 9 March 2007 Carclo PLC JOINT INVESTMENT IN PLATFORM DIAGNOSTICS Carclo Plc ("Carclo"), the technical plastics specialist announces that it hassigned a joint venture with BBI Holdings Plc ("BBI") to acquire up to 50 percentof Platform Diagnostics (Platform), a privately owned developer of Point of Care(POC) diagnostics. Under the terms of the agreement BBI and Carclo will both initially acquire 2.5percent of the company for a consideration of £40,000 each. Each company willthen receive an additional 2.5% share of the company upon each further £50,000worth of investment to a maximum 25% or £500,000. Any future investment willinclude all laboratory equipment, materials and labour to support thisdevelopment. Platform Diagnostics was founded in 2002 and has been financed by early stageventure capital funds. The company's expertise lies in the development of POC (Point Of Care) diagnostics across a range of technologies, including itsflagship technology Capillary Agglutination Technology (CAT). CAT provides aplatform for digital, rapid, low cost diagnostic tests suitable for the POCmarket and overcomes the quantitative limitations of currently availabletechniques. The investment will focus on two technology platforms that Platform is currentlydeveloping. The first is an Intellectual Property protected capillary platform,which is beyond 'proof of principle'. The first full development target for thisplatform will be BBI's newly acquired 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 proof of principle expectedshortly. 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." BBI's CEO 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 investmentdeveloping 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 enjoying significant growth inits medical and diagnostics manufacturing businesses. Carclo's expertise inmicrofluidics, surface coatings and optics will complement BBI's reagent supplyand sales and marketing network. Working together BBI and Carclo expect tocomplete the development of the Platform's technology within the next 12 to 18months." - Ends - Enquiries:Carclo plc 01924 268040Robert Brooksbank, Finance Director Weber Shandwick Financial 020 7067 0700Richard HewsJames White Notes to Editors About Carclo (LSE: CAR) • Carclo plc is a global supplier of technical plastic components. It is a public company whose shares are quoted on the London Stock Exchange. • 75% of sales are derived from the supply of fine tolerance, injection mouldedplastic components, which are used in medical, automotive, telecom and electronics products. This business, Carclo Technical Plastics, operates internationally in a fast growing and dynamic market underpinned by rapid technological development. • 25% of sales are derived from the supply of manufactured systems to the automotive and aerospace industries. • Carclo's strategy is to grow rapidly in low cost manufacturing regions and to develop new technologies and products to underpin future growth. 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. About D-dimer D-dimer includes two diagnostics to detect fibrin degradation products to indicate agglutination of the red blood cells, aiding the diagnosis of deep vein thrombosis (DVT), pulmonary embolism (PE), and disseminated intravascular coagulation (DIC). This information is provided by RNS The company news service from the London Stock Exchange