NEW YORK (GenomeWeb) – InstantLabs Medical Diagnostics announced yesterday that it has sold a controlling equity stake to private investment firm Angeon Group.
In connection with the sale, the company said it would change its name to InstantLabs. Angeon CEO Joseph Gargan will serve as CEO of InstantLabs and join its board, while InstantLabs Director of R&D Neil Sharma has been promoted to president.
Financial terms of the deal were not disclosed.
"Our partnership with Angeon will help accelerate InstantLabs' transformation into a leading diagnostic testing company and advance our mission to provide producers, wholesalers, governments, and industrial partners with the technology to help safeguard businesses and consumers from potential food fraud, harmful pathogens, and a variety of environmental hazards," Sharma said in a statement.
InstantLabs sells the portable Hunter Real-Time PCR instrument for DNA analysis and a portfolio of test kits for use in food safety, food fraud, and microbiologically influenced corrosion.