NEW YORK (GenomeWeb News) – Biosystems International today announced that it will merge with MicroBioChips.
The firms already had a partnership to develop monoclonal antibody microarrays, combining Biosystems International's antibodies with MBC's microarrays. The firms said that the merger "will optimize the production and sales of microarrays and related services and accelerate the development of diagnostic tests." It also will provide "significant commercial, administrative, and financial synergies," they added.
Jean Pierre Tirouflet, president of Paris-based Biosystems International, said in a statement that the merger will help reduce its time to market for diagnostic tests, including its lung cancer test, which is in late-stage development.
The firms noted that the partial transfer of assets of MBC to Biosystems International was approved by shareholders in late July. They also said that prior to the merger agreement, Biosystems International realized a capital increase of €2,125,000 (US$2,750,000), and MBC realized a capital increase of €225,000, assuring the merged firm has sufficient capital for future development.
Biosystems International is developing diagnostic tests based on its monoclonal antibody proteomics process for discovering biomarkers and corresponding antibodies.