Shrink Nanotechnologies to Acquire Nanopoint for Live Cell Imaging Capabilities
Shrink expects firm’s products will complement its solutions for drug discovery.!--h2>
Shrink Nanotechnologies is planning on buying Nanopoint, a biomedical instrumentation and microfluidics company. Nanopoint has developed extended time-lapse live-cell imaging solutions, which Shrink believes will complement its own stem cell-based research tools.
Nanopoint's cellTRAY® line of products includes the cellTRAY imaging system, cellTRAY microfluidics system, cellTRAY mini-microscope system, and associated consumables including cellTRAY slide and cellTRAY dish. These provide an automated microfluidics delivery system, on-stage incubation system, and imaging software solutions for drug discovery, assisted reproductive technologies, lab-on-a-chip, stem cell research, and biodetection.
Nanopoint CEO Cathy Owen states, "Nanopoint has spent six years and over $6 million building a world-class extended live-cell imaging platform and refining that platform along with our customers to meet the unique requirements of the assisted reproduction, drug discovery, and stem cell research markets.”
Shrink develops nanotechnology components and systems for various industries using its NanoShrink™ plastic and associated ShrinkChip Manufacturing Solution™. According to its letter of intent to acquire 100% of the equity interests in Nanopoint, Shrink will exchange 25,750,000 shares of its common stock. Additional stock payments of up to 40,000,000 shares will be made upon Nanopoint meeting certain sales and EBITDA targets by June 30, 2012, and December 31, 2013.
Shrink expects to retain all critical Nanopoint employees. At closing Nanopoint will operate as a wholly owned subsidiary of Shrink. “We believe that there is tremendous synergy between our respective products—StemDisc and Cell Align, in particular—along with work that we are doing with the Corning modular microfluidics platform, and we believe that the Nanopoint distribution group is a terrific way for Shrink to leverage on the relationships that Nanopoint has been able to build,” says Shrink CEO Mark L. Baum. Owen notes that Nanopoint has established a network of distributors in Australia, Asia, and Europe.