IRIS International Buys Assets of Nanostart-Held BioMicro for US$3.2 Million

Published on December 2, 2010 at 12:16 AM

Nanostart (OTCQX:NASRY)(FWB:NNS) holding BioMicro has sold its remaining assets for a profit to US diagnostics company IRIS (Nasdaq: IRIS) for 3.2 million US dollars.

The asset sold is an analysis product line that automatically performs high-performance tests on the genetic material of somatic cells.

With this transaction, the remaining assets of BioMicro have now been successfully sold. In March of this past year, BioMicro sold its main product – the entire MAUI system line – to global leader Roche within the framework of an asset deal. A portion of revenues from the transaction will be entered as net income on the 2010 annual financial statement. The remaining portion will be applied to the first half of 2011.

With an 8.4 percent holding in BioMicro, Nanostart will receive a corresponding disbursement from the transaction. Upon completion of the upcoming payments, the exit of BioMicro from the Nanostart portfolio will have reached a successful conclusion.

Nanostart CEO Marco Beckmann observes: "The shareholding in this highly innovative company has paid off for us. The transaction marks yet another successful exit and confirms our position as the world's leading nanotechnology investor. With the sale of BioMicro assets to a life science company, Nanostart has achieved its objective."

IRIS International, Inc. (Nasdaq: IRIS) is a leading producer of automated laboratory diagnostic systems and provider of high-quality products and tests for personalized medicine, in which individualized medications are developed based on genetic testing. The product line, which has now been sold, allows a special process – "fluorescent in-situ hybridization" – to be conducted. This new acquisition complements the IRIS product palette. Similar devices with less functionality achieve market prices between 35,000 and 60,000 US dollars according to company figures.

Source: http://www.nanostart.de/

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit