Supplier of bead and drug eluting bead products Biocompatibles International (AIM: BII) has acquired the inventory and intellectual property assets of Astron Clinica Limited, which is currently in administration.
The acquisition will help Biocompatibles expand the portfolio of its oncology products division with Astron’s principal products MoleMate and MoleView, non-invasive melanoma visualisation, diagnostic and data storage systems that are sold to general practitioners, dermatologists and cancer screening clinics.
The company will fund the £0.2 million acquisition with its existing cash resources.
The technology has been tested in three clinical trials with more than 1,500 patients addressed with MoleMate. During the most recent trial, the technology showed sensitivity and specifity rates of 96% and 83% respectively, compared to benchmark rates from GPs using conventional techniques of 67% and 75% respectively.
“Most people are aware of the benefits of timely cancer screening. Melanoma is relatively easy to screen yet typically fatal if detected late. This technology delivers accurate results at an affordable cost in a location, such as a GP's surgery, that is convenient to patients,” said Chief Executive of Biocompatibles International Crispin Simon.
The company expects to launch the technology, which is already in use in Australia and the UK, into more territories next year.
Biocompatibles said earlier this month that it expected its revenues to be closer to the upper end of the guidance after Q3 sales outpaced expectations, also projecting its net funds to top the projected £28 million.