San Diego, CA and Toronto, ON – February 10, 2004 – Nanogen, developer of molecular diagnostic products for the gene-based testing market, and SYN X Pharma, a point-of-care diagnostics company, say that Nanogen is acquiring SYN X in an all-stock transaction by way of a court-approved plan of arrangement.
The acquisition will provide Nanogen with a pipeline of complementary products in order to expand its market share in the in vitro diagnostics market and augments its technology platform for developing advanced diagnostic products.
SYN X is preparing to commercialize a diagnostic product for congestive heart failure (CHF). Last July, SYN X says it obtained a worldwide license to the CHF marker NT-proBNP (N-terminal pro-hormone brain natriuretic peptide) from Roche Diagnostics to develop a test for the point-of-care market.
SYN X says it will seek European regulatory clearance by mid-2004 and US Food and Drug Administration 510(k) clearance in the second half of 2004.
SYN X currently markets point-of-care diagnostic tests for myocardial infarction in Europe and Canada, and infectious diseases and drugs of abuse in Canada. In addition to the CHF product, SYN X has been developing a pipeline of tests to be marketed under the brand name Nexus Dx for insulin resistance and traumatic brain injury.
“The acquisition of SYN X supports Nanogen’s long-term strategy to commercialize advanced diagnostics that enhance the level of medical care for the detection, diagnosis, monitoring and treatment of disease,” said Howard Birndorf, Nanogen chairman and chief executive officer.
Upon closing the transaction, Nanogen says it intends to operate SYN X as a business unit. It will retain the SYN X brand name and the company’s Toronto research facility.