NEW YORK — Spartan Bioscience said on Wednesday that it has agreed to sell off its assets to Canadian private investment fund Casa-Dea Finance.
Ottawa, Ontario-based Spartan, founded in 2005, develops molecular diagnostic technologies including its flagship Spartan Cube, a portable PCR-based analyzer that runs tests for COVID-19, Legionnaires' disease-causing Legionella bacteria, and CYP2C19 mutations.
The transaction is expected to close this month. Additional terms were not disclosed.
"We are thrilled to be acquiring Spartan's revolutionary platform, along with retaining many of the organization's devoted employees," Casa-Dea CEO Darrell Edgett said in a statement.
"Casa-Dea's acquisition will represent not only a material affirmation of our technology's potential, but also, an invaluable opportunity to keep our people, and assets, in Canada," Steve Edgett, who has replaced Paul Lem as Spartan's CEO, added in the statement.