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EDX Medical Group PLC on Friday said it has acquired Torax Biosciences Ltd, by issuing 1.7 million shares in the company at a deemed price of 6 pence per share.
The London-based developer of diagnostics products to help predict disease risk said the acquisition offers an experienced point-of-care diagnostics technical team with ‘proven skills in innovation and new product development’. The acquisition will also supplement EDX’s laboratories in Cambridge, by adding additional laboratory capacity in Northern Ireland.
Torax is a Belfast-based company providing product development and pilot scale fabrication of immunochemistry-based assays and diagnostic testing solutions.
The company said Torax’s Founder Lawrence McGrath will join EDX as a senior development scientist, and will continue to lead Torax alongside EDX chief executive officer Mike Hudson as co-directors.
EDX Founder Chris Evans said: ‘We are delighted to announce this strategic acquisition of Torax which will add further strength and depth to EDX Medical‘