Transgenomic said today it has sold its ion chromatography (IC) product line and related assets for approximately $2.1 million in cash to Edge BioSystems, a portfolio company of investment firm StoneCalibre.
The deal covers Transgenomic’s IC products, licenses, technology, know-how and trademarks, rights for which were transferred to EdgeBio, along with product inventory. The IC product line includes a wide range of specialty ion chromatography columns designed to run on a variety of chromatograph systems.
Transgenomic President and CEO Paul Kinnon said in a statement the deal reflected part of the company’s revitalization strategy, which entails selectively monetizing noncore legacy businesses and product lines in order to focus resources on commercializing its Multiplexed ICE COLD-PCRTM (MX-ICP) for “high value, high growth” clinical applications. The company identified as examples of such applications liquid biopsies for targeted cancer therapy and patient monitoring.
“This asset monetization strategy frees up cash to help advance our commercialization efforts for MX-ICP,” Kinnon stated. “Transgenomic will continue to pursue opportunities to optimize our asset deployment and product mix, and we expect to complete additional asset monetizations in the coming months.”
In addition to its advanced diagnostic technologies, which include ICE COLD-PCR and genetic tests, Transgenomic also provides specialized clinical and research services to biopharmaceutical companies developing targeted therapies. The company also sells equipment, reagents, and other consumables for applications in molecular testing and cytogenetics.
Transgenomic says its activities are aimed at advancing personalized medicine in cardiology, oncology, and inherited diseases.
Established in 1990, EdgeBio is a specialized manufacturer and distributor of DNA sequencing sample preparation and clean-up products for clinical and diagnostic labs, food testing, microbial identification, forensic identification, molecular medicine, ancestry studies and other applications.
EdgeBio was acquired last year by StoneCalibre, a privately funded investment firm specializing in the acquisition of lower middle market companies, and founded in 2012 by Brian Wall.