Oxford Immunotec Global said today it acquired “substantially all” assets of Boulder Diagnostics for up to $7.9 million.
“This is an additional step in our strategy to build a leading immunology-focused diagnostics company,” Peter Wrighton-Smith, Ph.D., Oxford Immunotec’s CEO, said in a statement.
The deal expands Oxford Immunotec’s offerings with Boulder’s marketed diagnostics—including SpiroFind® for Lyme Borreliosis, designed to detect early and long-term Borrelia infections that cause Lyme disease; GoutiFind™ for non-invasive diagnosis of Gout, obviating diagnosis by joint puncture; and Stratokine™, an assay designed to help select biologics for autoimmune disease based on monitoring and prognosis of drug response.
Stratokine is available in the U.S. and Europe, while SpiroFind and GoutiFind are both available only in Europe.
Dr. Wrighton-Smith also said the deal will expand Oxford Immunotec’s development pipeline with three early-stage diagnostics in the field of rheumatology.
“Each opportunity has the potential to address key unmet clinical needs and is well suited to our growing commercial infrastructure,” Dr. Wrighton-Smith added. “We will continue Boulder's development work on these products alongside the independent development of additional tests based on our T-SPOT® technology platform.”
T-SPOT allows users to measure the responses of T cells to inform the diagnosis, prognosis and monitoring of patients with immunologically controlled diseases.
Oxford Immunotec agreed to pay $1.8 million cash upfront for Boulder Diagnostics, as well as up to $6.1 million in payments tied to clinical, intellectual property and commercial launch milestones for the products under development.
Headquartered near Oxford, U.K., with operations in the Boston suburb of Marlborough, MA, publicly-traded Oxford Immunotec said it did not expect any material change to its revenues—and between $1.5 million and $2 million in additional operating expenses in the remainder of 2014—as a result of the deal.
Oxford Immunotec said it finished the second quarter with a $6.2 million net loss, compared with a $1 million loss in Q2, despite a 16% jump in total revenue over, to $11.8 million, in results also announced today.
The company blamed its loss on higher operating expenses—“primarily a result of the expansion to our sales force and marketing personnel, higher research and development spending and an increase in general and administrative costs related to being a public company.”
Privately held Boulder Diagnostics was headquartered in Boulder, CO, with a clinical lab in Mellrichstadt, Germany. The company focused on developing diagnostic reagents and tests for infectious diseases and other protein targets.
Boulder Diagnostics launched SpiroFind in Europe in 2012, and launched GoutiFind in Europe last year.