Oxford Immunotec Enters into Definitive Agreement to Acquire Imugen
OXFORD, United Kingdom and MARLBOROUGH, Mass., 2016-06-23 22:05 CEST (GLOBE NEWSWIRE) -- Oxford Immunotec Global PLC (Nasdaq:OXFD), a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of immune-regulated conditions, today announced it has entered into a definitive agreement to acquire substantially all of the assets of Imugen, Inc., a Massachusetts-based clinical laboratory focused on developing and performing specialized testing for tick-borne diseases, for $22.2 million in an all cash transaction expected to close on July 1, 2016.
Consistent with strategic vision: Imugen’s business fits well with our strategy to focus on immune-regulated conditions. Tick-borne disease fits within our target markets as, if untreated, they can become chronic infections. In addition, like TB, they can prey on those with weakened immune systems. Similar to our current products, Imugen’s tests derive many of their proprietary insights through prosecuting the immune system.
Expands addressable market: The acquisition expands the Company into the attractive tick-borne disease market, which includes Lyme disease, increasing our total addressable market by $400 to $500 million.
Leverages commercial resources: Imugen’s business has a high degree of call point overlap with our current TB business. We intend to leverage our existing sales and marketing infrastructure to increase Imugen’s revenue growth over time.
- Adds laboratory capabilities: Imugen’s Massachusetts laboratory will allow us to offer our T-SPOT®.TB test at a second laboratory, thereby increasing testing capacity, allowing for optimized logistics and providing risk mitigation through service redundancy.
“We are very excited about the acquisition of Imugen. It is a significant step towards achieving our vision of becoming a leader in the field of immune-regulated conditions,” said Dr. Peter Wrighton-Smith, Chief Executive Officer of Oxford Immunotec. “Through this acquisition, we are expanding our total addressable market, growing and diversifying our revenue streams and leveraging our commercial infrastructure while at the same time improving our profitability profile.”
“Imugen’s extensive experience and proprietary tick-borne disease testing capabilities are very complementary to Oxford Immunotec’s portfolio of products and services,” said Victor Berardi, Chief Executive Officer of Imugen. “We are excited to combine our testing capabilities with Oxford’s commercial and R&D resources to grow the Imugen business.”
We expect the acquisition of Imugen to contribute approximately $5.5 million in revenues in the second half of 2016, which when added to our previously communicated revenue guidance raises our expected revenues for calendar 2016 to between $79.5 and $82.5 million.
We expect to have approximately $30 million of cash at the end of 2016, which will give the company cash into the second half of 2018 based on our current operating plan.
Conference Call and Webcast
The Company will host a conference call on June 24, 2016 at 8:00 a.m. Eastern Time to provide more information on this announcement. The call will be concurrently webcast. To listen to the conference call on your telephone, please dial (855) 363-5047 for United States callers and +1 (484) 365-2897 for international callers and reference confirmation code 38072518 approximately ten minutes prior to start time. To access the live webcast with presentation slides or an archived recording, visit the Investor Relations section of Oxford Immunotec's website at www.oxfordimmunotec.com. The replay will be available on the Company's website for approximately 60 days. The presentation slides will also be available for download in the Investor Relations section of the Company’s website on June 24, 2016 at 7:00 a.m. Eastern Time.
About Oxford Immunotec
Oxford Immunotec Global PLC is a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of immune-regulated conditions. The Company's first product is the T-SPOT.TB test, which is used to test for tuberculosis infection. The T-SPOT.TB test has been approved for sale in over 50 countries, including the United States, where it has received pre-market approval from the Food and Drug Administration, Europe, where it has obtained a CE mark, as well as Japan and China. The T-SPOT.CMV test and the T-SPOT.PRT test are the Company's second and third products and part of a series of products intended for the transplantation market. In addition to these three products, the Company has an additional six active development programs, each of which leverages our T cell, B cell and innate immune measuring technology. The Company is headquartered near Oxford, U.K. and in Marlborough, Mass. Additional information can be found at www.oxfordimmunotec.com.
Incorporated in May 1989, Imugen, Inc. is a clinical and research laboratory located in Norwood, MA with over 25 years’ experience in the development and performance of specialized assays for tick-borne infections. Imugen is certified under the Clinical Laboratory Improvement Amendments (CLIA) and accredited by the College of American Pathologists (CAP) and is licensed as a clinical laboratory in Massachusetts, New York, Pennsylvania, Rhode Island and Maryland.
T-SPOT and the Oxford Immunotec logo are trademarks of Oxford Immunotec Ltd.
This release contains forward-looking statements that involve risks and uncertainties, including statements about our anticipated plans, objectives, intentions, the anticipated benefits of the transaction, the effects of the transaction, including effects on future financial and operating results, prospects for sales of our products and other statements that are not historical facts. The forward-looking statements in this release are based on current expectations, assumptions and data available as of the date of this release and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: risks related to disruption of management time from ongoing business operations due to the transaction and the integration of Imugen into the Company; the risk that the Company may fail to realize the benefits expected from the transaction; the risk that the integration of Imugen into the Company may not progress as anticipated; the risk that the announcement of the completion of the transaction could have adverse effects on the market price of the Company’s common stock; decisions by regulatory authorities, hospitals and other health care institutions, laboratories, physicians, patients and third party payers that could affect the Company’s business and prospects; as well as our ability to expeditiously and successfully expand our sales and distribution networks. The risks included above are not exhaustive. Other factors that could adversely affect our business and prospects are described under the "Risk Factors" section in our filings with the Securities and Exchange Commission (“SEC”). Our filings are available for free by visiting the investor section of our website, www.oxfordimmunotec.com, or the SEC’s website, www.sec.gov.
Investors should give careful consideration to these risks and uncertainties. Forward-looking statements contained herein are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements contained herein, which speak only as of the date of this release. We do not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law.
For Media Inquiries:
Tel: +44 1235 442796
For Investor Inquiries:
Chief Financial Officer
Tel: +1 (508) 573-9953
Tel: +1 (443) 213-0501
Om Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
+1 212 401 8700http://www.nasdaqomx.com
NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.
Følg saker fra Nasdaq GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Nasdaq GlobeNewswire
Standard Lithium Announces Closing of $21.6 million Bought Deal Private Placement of Units16.2.2018 19:25 | Pressemelding
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. VANCOUVER, British Columbia, Feb. 16, 2018 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. ("Standard Lithium" or the "Company") (TSX-V:SLL) (OTCQX:STLHF) (FRA:S5L) announced today that it has closed its previously announced bought deal private placement of 10,312,821 units of the Company (the "Units"), at a price of $2.10 per Unit, for aggregate gross proceeds to the Company of $21,656,924, including the issuance and sale of the Underwriters' (as defined below) option (the "Offering"). Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant is exercisable to acquire one common share of the Company (a "Warrant Share") until February 16, 2020 at an exercise price of $2.60 per Warrant Share, subject to adjus
Cisco Offers Cloud-Based Endpoint Security Solutions for Managed Security Service Providers16.2.2018 14:00 | Pressemelding
Cisco's comprehensive cloud-based security endpoint portfolio provides advanced malware protection, internet security, and enterprise mobility management SAN JOSE, Calif., Feb. 16, 2018 (GLOBE NEWSWIRE) -- Cisco today is helping address the challenges of Managed Security Service Providers (MSSP) and their customers by offering MSSPs comprehensive security, visibility, and control of customer endpoints without added hardware or complexity. The Cisco endpoint security portfolio includes three industry-leading solutions-Cisco AMP for Endpoints, Cisco Umbrella, and Meraki Systems Manager to offer protection against advanced malware and threats. Security teams know the endpoints in their environments are being targeted by advanced threats, but often lack the security talent, tools, and budget to address those challenges. As a result, organizations of all sizes are choosing to augment their in-house IT security with managed security services. Nearly half of SMBs and enterprises in the US1 ar
Aurora Solar Adds Heterojunction Cell Characterization to Decima Gemini Family16.2.2018 14:00 | Pressemelding
Aurora Solar Technologies Inc. / Aurora Solar Adds Heterojunction Cell Characterization to Decima Gemini Family . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement. NORTH VANCOUVER, British Columbia, Feb. 16, 2018 (GLOBE NEWSWIRE) -- Aurora Solar Technologies Inc. ("Aurora") ("Company") (TSX.V:ACU) (OTCBB:AACTF) (FSE:A82) is pleased to provide an update on the further development of its Decima Gemini(TM) infrared measurement technology for applications in the rapidly developing heterojunction (HJT) cell manufacturing market. HJT is an ultra high-efficiency solar cell design pioneered by Japan's Panasonic Corp., who is now also partnered with Tesla Inc. for solar products. According to Solar Media Ltd., HJT production capacity is expected to increase by 20 percent this year. To produce the electrical structure of a HJT cell, it is necessary to apply thin layers of amorphous silicon on both sides of a crystallin
Nasdaq Cited as a Leader in Governance, Risk, and Compliance Platforms by Independent Research Firm16.2.2018 13:35 | Pressemelding
NEW YORK, Feb. 16, 2018 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq:NDAQ) was among the select companies that Forrester invited to participate in its 2018 Forrester Wave(TM) evaluation, Governance, Risk, And Compliance (GRC) Platforms, Q1 2018. In this evaluation, Nasdaq was cited as a Leader in Governance, Risk, and Compliance Platforms and received the maximum score of 5 for the evaluation criteria "Risk & Control Management", "Audit Management", "Dashboard and Reporting" and "Integration capabilities" for its BWise solutions. "We feel the strong scores we obtained in important functional areas provide assurance to our clients that they have selected a robust and future-proof software platform," said Tom Passon, Head of Product Innovation & Global Standards, Nasdaq BWise. "We are proud of this recognition that encourages us to further execute on our strategy to provide user-friendly, pre-configured best practice solutions that combine our innovative GRC software platform with leading expertis
Apricus Biosciences Receives Complete Response Letter from FDA for Vitaros(TM)16.2.2018 13:00 | Pressemelding
Company Evaluating Deficiencies and Potential Path Forward SAN DIEGO, Feb. 16, 2018 (GLOBE NEWSWIRE) -- Apricus Biosciences, Inc. (Nasdaq:APRI), a biopharmaceutical company advancing innovative medicines in urology and rheumatology, today announced that the U.S. Food and Drug Administration ("FDA") has issued a complete response letter ("CRL") for the New Drug Application ("NDA") of Vitaros(TM) (alprostadil, DDAIP.HCl), a topical cream for the treatment of erectile dysfunction. The CRL indicates that the FDA cannot approve the NDA for Vitaros in its present form, identifying deficiencies related to Chemistry, Manufacturing and Control ("CMC") and certain safety concerns specific to the 2.5% concentration of DDAIP.HCl contained in the current formulation. "We are disappointed with the outcome of the review given the substantial amount of CMC, clinical and non-clinical data and analysis provided to the FDA in the Vitaros resubmission. We are assessing the content of the complete response
SEMAFO: Positive Mana PFS and Reserve Additions at Mana and Boungou16.2.2018 03:36 | Pressemelding
5-Year Average Target of 413,000 Ounces of Annual Production, AISC $696 MONTREAL, Quebec, Feb. 15, 2018 (GLOBE NEWSWIRE) -- SEMAFO Inc. (TSX:SMF) (OMX:SMF) today announced positive pre-feasibility study (PFS) results at Mana, the addition of 188,000 ounces of reserves, primarily at Siou underground, and an increase of 203,000 ounces of reserves at Boungou. As a result, the Corporation is providing the following consolidated five-year operational targets. Table 1 - Five-Year Operational Targets ---------------------------------------------------- 2019-2023 2019 2020 2021 2022 2023 Average ---------------------------------------------------- Production(1,2,3) Mana ('000 oz) 192 213 213 213 214 209 Boungou ('000 oz) 226 226 201 186 180 204 418 439 414 399 394 413 AISC(1,2,4,5) Mana ($/oz) 906 1,079 887 823 660 871 Boungou ($/oz) 419 405 527 606 626 516 643 733 712 721 643 696 Operating Cash Flow (at $1,300/oz) Total Revenue ($M) 543 571 539 518 512 2,683 AISC ($M) 268 321 295 287 253 1,42
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom