Biotrove announced that it is forming a wholly owned subsidiary named BIOCIUS Life Sciences to hold the assets of the RapidFire Business Unit. Upon completion of Life Technologies proposed acquisition of BioTrove, also announced today, BIOCIUS Life Sciences will be spun-out as an independent operating company.
BioTrove Announces Formation of Subsidiary
The current BioTrove investors will continue to support the BIOCIUS subsidiary and proposed eventual spin-out. Led by Chairman and Chief Executive Officer Jeffrey Leathe, Rapid Fire’s experienced team of innovative scientists and engineers will also remain intact. According to Mr. Leathe, “Effective at the closing of the proposed sale of Biotrove to Life Technologies, BIOCIUS, through the RapidFire brand, will intensify its focus on pioneering new efforts toward eliminating bottlenecks in the drug discovery pipeline. We plan to expand our portfolio of products and service capabilities--creating additional value for our many pharma and biotech customers. BIOCIUS has a strong pipeline of products and services and will be well capitalized and positioned in the marketplace to continue as a technology leader in drug discovery solutions.”
The RapidFire business unit is comprised of solid, propriety technologies and the proposed formation of BIOCIUS is a logical, strategic step to foster rapid growth. RapidFire almost doubled its 2008 sales, successfully launching the RF 300 system for in vitro ADME; expanding geographically by installing several systems across Europe and Canada, and by entering a distribution arrangement in Asia. “This is a wonderful opportunity for the RapidFire team to focus on our clients, scientific collaborations and business goals,” said Dr. Can ‘Jon’ Özbal, BIOCIUS Chief Operating Officer and former Vice President of the RapidFire Business Unit. “We can now exclusively drive the high-throughput screening portfolio and concentrate on our application areas of Lead Discovery and in vitro ADME. The entire team that has been the dynamic force behind the RapidFire brand will move to BIOCIUS, ensuring a smooth transition for our clients and business partners.”
BIOCIUS Life Sciences will continue to offer contract research services for lead discovery and CYP Inhibition on the RapidFire platform as well as RapidFire instrumentation; customers can expect business as usual. Used by 13 of the top 15 pharmaceutical companies, RapidFire mass spectrometry greatly decreases the bottlenecks that occur during drug discovery. By enabling automated sample preparation at a rate of up to six seconds per sample and integrating seamlessly to the mass spectrometer, RapidFire enhances high-throughput screening of candidate drug compounds and in vitro ADME assays. RapidFire allows for the analysis of a wide range of otherwise intractable targets such as triglycerides, lipids, fatty acids, prostaglandins, steroids, coenzyme A derivatives, neurotransmitters, epigenetic targets, anti-fungals and anti-infectives, which are difficult to study using traditional methods such as fluorescence or radiolabels.
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