NEW YORK (GenomeWeb News) – Modern Mobility Aids today announced the execution of a definitive agreement to buy all of the common stock of point-of-care diagnostics shop Lumigene Technologies for an undisclosed amount.
Based in Mississauga, Ontario, LumiGene develops products for the diagnosis of infectious diseases. In a statement, Modern Mobility said that LumiGen's PosiCheck System, which is based on isothermal amplification technology, for the near sample/point-of-care DNA diagnostic markets "reliably and economically" automates DNA preparation and amplification for disease and pathogen detection in 30 minutes to one hour.
"LumiGene expects to be the first to market with a greatly needed new technology that we expect will be in high demand," Mohamed Karatella, president and CEO of Modern Mobility, said in a statement.
In September, LumiGene announced a reverse acquisition to be purchased by dance studio Pole Perfect Studios in a deal that would have taken LumiGene public. The deal was never completed, however.
Modern Mobility is based in Schaumburg, Ill., and recently underwent a corporate restructuring to focus on the pharmaceutical and biotechnology space.