Enigma Diagnostics and Beijing Leadman Biochemistry signed a joint venture agreement that will focus on delivery of the Enigma® Mini Laboratory (ML) point of care molecular diagnostic system into the Chinese healthcare market. The agreement combines Enigma’s ML System, products, and technologies with Beijing Leadman’s commercialization expertise, R&D, and manufacturing capability.
Enigma said it will further license its technology and IP to the joint venture, enabling it to develop relevant molecular assays, other products and instruments for the Chinese market, and to undertake in-China manufacturing.
The firm also announced it signed a $50 million subscription agreement with Chinese private equity fund Shanghai Debay Capital, an SPV company incorporated for the single investment from Sailing Capital of Shanghai. The funding will be deployed over 18 months and will be used to support global commercialization of the Enigma ML system following its CE marking in early 2014.
According to the company, the Enigma ML’s multiplex assay reporting capabilities can enable time-sensitive point of care testing for a range of DNA and RNA disease targets. The system offers a hybrid laboratory and stand-alone diagnostic testing platform, designed to be used in developed and emerging healthcare programs.
“The joint venture will deliver an exclusive China market sales distribution, a new Chinese based R&D program using Enigma’s IP, technology and know-how, and, in the longer term, a manufacturing capability to satisfy the expected high level of demand for our flagship ML system and assays in China and worldwide,” said John McKinley, chairman of Enigma.
Shen Guangqian, chairman of Beijing Leadman commented that the joint venture will also serve as a bridge to promote Beijing Leadman’s products in global markets and to import advanced healthcare technologies to service the needs of the Chinese market.