Nanogen, Inc., developer of molecular and rapid in vitro diagnostic products, has been named one of Deloitte's Technology Fast 50 in San Diego.
The Technology Fast 50 comprises the 50 fastest-growing technology, media, telecommunications and life sciences companies in the San Diego area. Companies ranked in the list will also be highlighted in Deloitte's North American Technology Fast 500 composite list. Nanogen came in as San Diego's 17th fastest growing technology company on the list with a 468% CAGR over the past five years.
"We are proud to be named for a second year as one of Deloitte's Technology Fast 50" said David Ludvigson, President and Chief Operating Officer for Nanogen. "We have made great strides focusing on our core diagnostic products and developing new partnerships that have resulted in continuing rapid growth."
Nanogen has introduced industry-leading diagnostic tools for two of the fastest growing in vitro diagnostic (IVD) markets—molecular diagnostics and point-of-care rapid testing. The company's products include rapid diagnostic tests for cardiovascular diseases, such as myocardial infarction and congestive heart failure, and DNA or RNA tests for specific infectious diseases. The company has a strong intellectual proprietary portfolio, including their minor groove binder (MGB) technology which has been widely licensed in molecular biology fields and has proven to provide better results than traditional PCR probe technology.
In August, Nanogen announced its intention to merge with The Elitech Group, a private diagnostics company based in France. The combination will create a global IVD provider of products spanning the molecular, point-of-care, clinical chemistry and microbiology diagnostics markets with expected first year revenues of more than $150 million. This year's ranking is based on 2003 – 2007 numbers and does not reflect the company's 2008 performance or the prospective merger.
"To rank on Deloitte's Technology Fast 50, companies must have phenomenal revenue growth over five years," said Theresa Drew, managing partner, San Diego Practice, Deloitte & Touche LLP. "Nanogen has proven to be one of the fast-growth success stories in San Diego and we applaud their dedication to making their vision a reality."