Healthcare firm Modern Mobility Aids, which is in the process of acquiring molecular diagnostics shop Lumigene Technologies, said last week that it has signed an agreement that will combine technologies from Canada's ACGT Corporation with those from Lumigene to commercialize molecular diagnostic products.
Based in Toronto, ACGT (not to be confused with Wheeling, Ill.-based CRO ACGT Inc.) provides DNA synthesis and sequencing services and has experience in developing and commercializing DNA-based testing platforms, Modern Mobility Aids said.
Meantime, Mississauga, Ontario-based Lumigene has been developing the PosiChek Diagnostic System, a portable, battery-powered nucleic acid testing system that uses microliter-scale disposable cartridges and isothermal amplification to detect the presence of pathogens in 30 minutes to an hour.
"The involvement of ACGT combined with the staff of Lumigene will greatly help our efforts to bring the products to market in a timely manner while reducing costs significantly," Modern Mobility Aids CEO Antonio Domingues said in a statement.
Modern Mobility Aids, which is incorporated in Nevada but has offices in Toronto, in August announced a definitive agreement to buy all of Lumigene's common stock for an undisclosed amount. Last week it said that it has agreed with Lumigene to extend the closing of the share purchase agreement to Nov. 30, 2012, in order to focus "all their resources [on] commercialization of the Lumigene products."
In September 2010, prior to the announcement of the planned Modern Mobility Aids acquisition, Lumigene announced a reverse acquisition plan to be purchased by dance studio Pole Perfect Studios in a bid to take Lumigene public. That deal was never completed, however.
Modern Mobility Aids said that it has recently evolved its corporate infrastructure to focus on the pharmaceutical and biotechnology industries by acquiring and partnering with companies in the sector. The company is specifically targeting three market segments: contract research and manufacturing for life sciences; novel drug and device delivery format packaging; and strategic development and production alliances.