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Enigma Dx Inks Joint Venture, $50M Subscription Agreements

NEW YORK (GenomeWeb) – Enigma Diagnostics and Beijing Leadman Biochemistry today announced a joint venture agreement aimed at bringing Enigma's point-of-care molecular diagnostic system to China.

Engima also announced a $50 million subscription agreement with a Chinese private equity fund.

The deal with Beijing Leadman covers the Enigma Mini Laboratory system, a fully automated MDx platform being targeted to both the clinical laboratory and point-of-care spaces. As part of the agreement, Enigma also will license its technology and intellectual property to the joint venture for the development of molecular assays, other products, and instruments directed at the Chinese market.

According to Enigma, the Mini Laboratory's highly accurate and multiplexing assay reporting capabilities enables time-sensitive, point-of-care testing for a variety of DNA and RNA disease targets. Its data-handling and routing capabilities allows clinicians to access patient data securely and remotely, "ensuring fast and accurate diagnosis with immediate and relevant treatment for patients," the company added in a statement.

Enigma Chairman John McKinley said that the deal with Beijing Leadman is central to the company's global commercialization plans. "The joint venture will deliver an exclusive China market sales distribution, a new Chinese based R&D program using Enigma's IP, technology, and know-how, and, in the longer term, a manufacturing capability to satisfy the expected high level of demand for our flagship [Mini Laboratory] system and assays in China and worldwide," he said.

Financial and other terms of the deal were not disclosed.

Salisbury, UK-based Enigma also announced a $50 million subscription agreement with Shanghai Debay Capital, which was incorporated for the single investment from Sailing Capital of Shanghai. The funding will be spread out over 18 months and will be used by Enigma for the global commercialization of the Mini Laboratory.

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