NEW YORK (GenomeWeb News) – LumiGene today announced it has signed a letter of intent to be acquired by dance studio Pole Perfect Studios in a reverse acquisition that will take LumiGene public.
Upon completion of the deal, LumiGene will become the primary focus of the combined company.
Terms of the deal were not disclosed.
LumiGene, based in Mississauga, Ontario, develops point-of-care diagnostics. Its main technology is the PosiChek Diagnostic System, an automated nucleic acid testing system for preparing and amplifying nucleic acid for the detection of disease-causing pathogens within one hour.
Pole Perfect, based in Longwood, Fla., operates a dance studio "that offers a full line of services not traditionally found at health and fitness centers that will cater to both genders," according to a document filed with the US Securities and Exchange Commission. The company's stock is traded on the over-the-counter bulletin board under the ticker symbol PPFT. Its last trade was on July 29 at $.14.